Latest news with #Cowhey
Yahoo
29-05-2025
- Business
- Yahoo
Athenahealth names CVS alum as CFO
This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. Name: Tom Cowhey Previous title: Executive vice president and CFO, CVS Health New title: CFO, Athenahealth Cowhey will take on the finance chief position on June 9, the health IT firm and electronic health record vendor said Tuesday. He replaces John Hofmann, Athenahealth's previous CFO who joined in 2022. Hofmann stepped down late last year, and the health IT company has operated with an interim finance chief while it conducted a search for his successor, a spokesperson told Healthcare Dive. Cowhey joins Athenahealth from healthcare behemoth CVS, where he served as permanent CFO since early last year. In April, CVS named a new finance head, Brian Newman, who took on the role later that month. Cowhey also previously worked as CFO at ambulatory surgical care firm Surgery Partners and held leadership roles at insurer Aetna before it was acquired by CVS. Cowhey's departure from CVS followed a spate of leadership changes at the healthcare giant while the company managed a challenging financial environment. The firm's profits were cut nearly in half last year as its insurance arm Aetna battled high medical costs that dinged its bottom line. However, CVS gained momentum in the first quarter, reporting a 60% increase in net profit year over year and beating investor expectations on earnings and revenue. CVS also said it would stop offering health plans on the Affordable Care Act exchanges next year, in an effort to focus attention on other business lines. Recommended Reading CVS taps former UPS finance chief as new CFO
Yahoo
27-05-2025
- Business
- Yahoo
athenahealth Names Tom Cowhey Chief Financial Officer
Veteran executive joins athenahealth to help drive the company's next phase of strategic growth BOSTON, May 27, 2025--(BUSINESS WIRE)--athenahealth, a leading provider of network-enabled software and services for healthcare practices nationwide, today announced the appointment of Tom Cowhey as the company's new chief financial officer, effective June 9, 2025. Cowhey brings more than two decades of experience leading financial organizations for large, innovative care delivery organizations. He most recently served as Executive Vice President and Chief Financial Officer at CVS Health, where he was also a member of the investment committee for CVS Health Ventures. Prior to his time at CVS Health, Cowhey was the CFO at Surgery Partners, the largest independent operator of short-stay and ambulatory surgical facilities in the United States. From 2007 to 2018, Cowhey held various positions at Aetna, including as CFO of Aetna's U.S. health plan business. "Tom Cowhey brings a broad industry perspective, a deep understanding of the ambulatory care landscape, and first-hand knowledge of the value and impact of the athenahealth platform," said Bob Segert, chairman and chief executive officer at athenahealth. "His ability to integrate the customer perspective into his work will make him an ideal addition to our executive team, and his expertise managing key stakeholders will ensure the market understands our vision, strategy, and execution across athenahealth's lines of business." While at Surgery Partners, Cowhey participated in evaluating and implementing athenaOne, recognizing the platform's impact in reducing complexity and revenue cycle improvement. "I've long admired athenahealth for its mission to transform healthcare delivery for the ambulatory care market, and the leadership team's ability to execute on its strategy," said Cowhey. "I share the belief that the future of care will be delivered in settings that prioritize accessible, high-quality, and sustainable care, and I look forward to partnering with this exceptional leadership team to realize those ambitions and drive the next phase of growth for athenahealth." Tom Cowhey holds a B.A. in economics from Wesleyan University and an M.B.A. from Duke University with a concentration in health sector management. About athenahealth, Inc. athenahealth strives to cure complexity and simplify the practice of healthcare. Our innovative technology includes electronic health records, revenue cycle management, and patient engagement solutions that help healthcare providers, administrators, and practices eliminate friction for patients while getting paid efficiently. athenahealth partners with practices with purpose-built software backed by expertise to produce the insights needed to drive better clinical and financial outcomes. We're inspired by our vision to create a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all. Learn more at View source version on Contacts Iz ConroyMedia@
Yahoo
09-04-2025
- Business
- Yahoo
CVS Health hires Brian Newman as CFO
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. CVS Health, the heavily diversified health care company whose CEO David Joyner is leading a highly publicized $2 billion cost-cutting effort, has hired former United Parcel Service CFO Brian Newman as the company's new finance chief and executive vice president. Newman replaces Tom Cowhey, who was appointed full-time CFO in early 2024 after serving as interim CFO since October 2023. Newman takes over on April 21, and Cowhey will transition to an executive advisory role to Joyner on May 12. CVS is also dealing with activist investor Glenview Capital, which acquired a 1% stake in CVS — worth about $700 million — in late September 2024. In mid-November, CVS announced the appointment of four new board members from Glenview, including the firm's CEO, Larry Robbins. Glenview's push came amid concerns over CVS's performance and strategic direction. Glenview's impact was felt almost immediately at CVS. Its pressure led to the departure of former CEO Karen Lynch shortly after Glenview came on board and played a major role in the hiring of Joyner as CEO. Newman's hire likely stems from his experience steering UPS through the COVID-19 pandemic, a major union negotiation and the implementation of the company's '1+2 strategy,' which aimed to grow revenue, cut costs and improve margins while navigating significant internal and external change. His background in managing large-scale logistics operations is also notable, as CVS Health aims to expand its health care delivery offerings while trimming expenses simultaneously. Newman, who began his career as an investment banker, spent nearly three decades at PepsiCo before joining UPS. He held a range of global financial leadership roles at PepsiCo, rising to positions such as vice president of global operations and chief strategy officer. According to an SEC filing, Newman's compensation closely mirrors Cowhey's — a $1 million base salary with an annual bonus target of 150% of base. Newman's equity compensation is slightly higher — $7 million versus Cowhey's $5.5 million. Neither received a sign-on bonus. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
CVS taps former UPS finance chief as new CFO
This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. 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. Recommended Reading CVS slashes profit in 2024 as high medical costs hit Aetna
