CVS Health's CFO is leaving as pharmacy chain faces activist investor
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CVS's shares rose as much as 12 percent after the market opened in New York on Tuesday, helped by a surprise boost in government payments for Medicare Advantage plans announced Monday evening.
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CVS has faced financial challenges in recent years, particularly in its Aetna insurance unit, which attracted the attention of activist investor Glenview Capital Management. In October, CVS chose as CEO Joyner, a longtime company veteran who quickly appointed new leadership in the insurance business. The company's fourth-quarter earnings last year impressed investors, sending the stock up the most in more than 25 years.
The health-care conglomerate, which reaffirmed on Tuesday its previously issued full-year guidance for 2025, also runs a large retail pharmacy and a pharmacy benefits manager. CVS has been beset by rising medical costs industrywide in addition to facing company-specific challenges.
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The insurance business suffered after underestimating medical costs and the government cut quality ratings for some plans, depressing payments, challenges CVS has been fixing. The company's pharmacy division, along with the rest of the industry, has also faced increasing financial pressure from falling payments for drugs and competition for front-of-store products from online sellers and big box retailers.
Cowhey has been CFO since January 2024, and held the position on an interim basis starting in October 2023, when the previous CFO, Shawn Guertin, took a leave of absence for family health reasons.
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