CVS taps former UPS finance chief as new CFO
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CVS Health named a new CFO Tuesday as the healthcare giant continues to shake up its leadership team.
Brian Newman, most recently CFO of shipping and logistics firm UPS, will start at CVS on April 21. Tom Cowhey, who took on the permanent CFO position at CVS early last year, will become a strategic advisor to CEO David Joyner, effective May 12.
In addition to the leadership change, CVS said it expects financial results for 2025 to meet or exceed its previously issued guidance. In February, the company reported expected adjusted earnings for the year between $5.75 and $6 a share.
Newman will receive a base salary of $1 million, and his target annual equity award compensation will be $7 million, CVS said in a securities filing.
Cowhey will step down from the finance chief position about a year and half after he first took on the interim role.
He started at CVS in 2022, and then took on the interim CFO job in October 2023 after previous finance chief Shawn Guertin left due to family health reasons.
Cowhey will serve as strategic advisor and assist with transitioning his work until he leaves the company on a date that hasn't yet been determined, according to a securities filing.
CVS also named Amy Compton-Phillips, previously chief physician executive of survey and patient experience firm Press Ganey, as chief medical officer, beginning May 19. She replaces Sree Chaguturu, who was named president of CVS' healthcare delivery business in November, the company said in the filing.
The latest appointments come as CVS has made a number of recent leadership changes in recent months while it navigates a challenging financial environment.
The company's profits were nearly cut in half last year as CVS' insurance unit, Aetna, weathered heightened medical costs, particularly in government healthcare programs like Medicare Advantage and Medicaid.
Joyner took up the chief executive post in October, replacing Karen Lynch as the firm pulled earnings guidance due to elevated expenses at Aetna. Weeks later, the company named Steve Nelson, previously the CEO of value-based primary care company ChenMed, as president of the insurer.
CVS also tapped Ed DeVaney to serve as permanent president of CVS Caremark, the healthcare giant's pharmacy benefit manager, in February. Joyner had previously led the PBM.
The company will report first-quarter earnings on May 1.
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