Prognosis

CVS Elevation of Longtime Insider to CEO Fails to Calm Activists

Health conglomerate yanks 2024 guidance on cost pressures
David Joyner takes helm amid activist interest, investor woes

CVS Ousts CEO Lynch, Names David Joyner as New Chief

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By John Tozzi, Fiona Rutherford, and Ike Swetlitz

October 18, 2024 at 10:21 AM UTC

Updated on

October 18, 2024 at 8:45 PM UTC

This article is for subscribers only.

CVS Health Corp.’s elevation of veteran David Joyner to chief executive officer failed to appease activists who want to see a bigger shift in direction at the health-care company.

Joyner, 60, took over as CEO Thursday from Karen Lynch, according to a Friday release, ending her tumultuous three-year tenure. The change came after CVS repeatedly missed earnings targets, paid top dollar for several acquisitions and cycled through executives, setting off unrest that recently spilled into public view.