CVS Health

Leadership turnover culminated with David Joyner, former head of Caremark, appointed CEO in October 2024 and later named Board Chair effective January 1, 2026. He recruited Brian Newman as CFO in April 2025 and moved to simplify operations, tighten cost discipline, improve Aetna performance, and recalibrate care delivery.

Governance has been refreshed under activist oversight, and execution since late 2024 includes improved guidance integrity, Caremark selling season momentum, star‑rating recovery, and accretive Rite Aid asset purchases.

We score management above average on execution trajectory but penalize for prior acquisition underwriting and the time needed to demonstrate sustained ROIC improvement.