The Board believes this is the right time to make a change, and we are confident that David is the right person to lead our company for the benefit of all stakeholders, including customers, employees, patients, and shareholders.
CVS has struggled in recent years, with repeated forecast cuts for revenue and profits. Year-to-date, shares of CVS Health are down more than 21%.
This shakeup comes as CVS has announced plans to lay off 2,900 employees and close over 900 stores, reflecting challenges in the broader retail market.
David Joyner has nearly four decades of experience in the industry, and he will lead CVS amid significant challenges faced by the company.
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