CVS Health Appoints Former UPS And Pepsi Exec As Finance Chief, Stock Soars

He volition win existent main fiscal serviceman Tom Cowhey, who volition modulation arsenic a strategical advisor to president and main enforcement officer David Joyner, effective May 12.

Newman was astir precocious enforcement vice president and main fiscal serviceman of United Parcel Service Inc (NYSE:UPS).

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Before joining UPS, Newman spent 26 years with PepsiCo, wherever helium held concern enactment roles across Europe, Asia, and North and South America. He besides served arsenic enforcement vice president for PepsiCo's planetary operations and main strategy officer. Newman began his vocation arsenic an concern banker astatine PaineWebber.

Amy Compton-Phillips, the company's caller enforcement vice president and main aesculapian officer, effective May 19, volition besides study to David Joyner.

Dr. Compton-Phillips was astir precocious main doc enforcement of Press Ganey, a wellness attraction show betterment company.

Prior to Press Ganey, Dr. Compton-Phillips was the president and main objective serviceman astatine Providence Health & Services, a wellness attraction system, liable for objective operations and attraction including improving health, care, and worth outcomes delivered by the system's hospitals, clinics, and caregivers. From 1985 to 2007, she held positions of expanding work astatine Kaiser Permanente.

In February, CVS Health reported fourth-quarter income of $97.71 billion, beating the consensus of $97.19 billion.

Total revenues accrued 4.2%, driven by maturation successful the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a diminution successful the Health Services segment.

The Medical payment ratio accrued from 88.5% to 94.8% compared to the anterior year, driven by accrued utilization, the unfavorable interaction of the antecedently disclosed diminution successful the company's Medicare Advantage prima ratings for the 2024 outgo year, and the interaction of higher acuity successful Medicaid.

In October 2024, CVS Health appointed longtime executive David Joyner arsenic its caller president and CEO, replacing Karen Lynch amid the company's ongoing fiscal struggles.

In November 2024, CVS Health appointed Prem Shah arsenic the Group President, liable for the operational show crossed CVS Caremark, CVS Pharmacy, and the company's Healthcare Delivery businesses.