CVS Health Corporation (CVS)

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CVS names new pharmacy services, consumer product chiefs
By: Investing.com | January 23, 2023

(Reuters) -CVS Health Corp said on Monday that David Joyner would return to head the U.S. diversified healthcare company's pharmacy services and tapped former Cigna Corp (NYSE:CI) executive Amy Bricker as its chief product officer for consumer business.

Joyner will become the chief of the pharmacy services segment, which also includes the company's pharmacy benefits management business Caremark, effective Jan. 30. He will succeed Alan Lotvin, who plans to retire in April, CVS said.

Bricker will start in the newly created role in February after serving as president of Express Scripts (NASDAQ:ESRX), rival Cigna Corp's pharmacy benefits unit.

The appointments follow some setbacks CVS faced in recent months in its businesses. Its largest health insurance plan for Medicare recipients received a lower performance rating from the U.S. Centers for Medicare and Medicaid Services in October. The lower rating could affect payments from the government for 2024, the company said.

In the same month, Centene (NYSE:CNC) Corp replaced Caremark with Express Scripts to manage the insurer's annual pharmacy spend of around $40 billion.

The loss of the account, along with the ratings decline, will likely reduce 2024 revenue by $2 billion, CVS said in November.

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