CVS Health has appointed longtime executive David Joyner as CEO, succeeding Karen Lynch. The leadership change comes as CVS struggles with falling stock prices and rising medical costs. CVS shares dropped nearly 20% this year and fell 11% in premarket trading. The company has also lowered its full-year profit guidance and plans to cut $2 billion in costs over the next several years. Joyner, who previously led CVS' Caremark pharmacy benefits business, brings extensive experience to the role. CVS faces increased scrutiny of Caremark's practices from regulators and lawmakers, as well as challenges related to Medicare Advantage costs.
