CVS Slashes Outlook Again, Launches $2 Billion in Cost Cuts
- Rising medical costs are still weighing on the insurance unit
- Brian Kane, head of Aetna insurance unit, also departs CVS
This article is for subscribers only.
CVS Health Corp. lowered its 2024 earnings outlook for the third straight quarter and announced cost-cutting measures to save $2 billion over several years as health-care expenses continue to soar.
The company also announced the departure of Brian Kane, who took the helm as the president of the Aetna insurance unit just under a year ago. CVS Chief Executive Officer Karen Lynch and Chief Financial Officer Tom Cowhey will temporarily take over his duties during the search for a successor.