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CVS (CVS) inventory fell greater than 6% following information that the pharmacy chain will exchange its CEO Karen Lynch with one other firm govt, David Joyner.
Shares are down almost 20% this yr as the corporate has been underneath strain from Glenview Capital Administration, a hedge fund pushing for modifications, based on the Wall Road Journal, which first reported the information of Joyner’s appointment. CVS has been reportedly reviewing strategic choices that might embrace a breakup.
David Joyner, the EVP of CVS Well being and president of the chain’s pharmacy well being providers enterprise, CVS Caremark, changed Lynch as of Thursday, CVS stated. Lynch had been CEO since 2021. In an interview with the Journal, Joyner stated the corporate would transfer ahead intact.
CVS stated in a launch Friday that it expects adjusted third-quarter earnings per share of $1.05 to $1.10, decrease than the $1.70 forecast by Wall Road analysts, based on Bloomberg consensus estimates. CVS stated traders ought to now not depend on its earlier full-year 2024 earnings steering — which it has already repeatedly lowered — given “continued elevated medical price pressures within the Well being Care Advantages phase.”
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