Nov. 18 (UPI) — CVS Health said on Monday it named four new members to its board of directors as part of a deal with activist investor Glenview Capital as the healthcare company continues to fight its way out of its brutal 2024.
The expansion of its board from 12 to 16 members with the new entries comes roughly a month after CVS cut ties with CEO Karen Lynch.
The new members include Glenview CEO Larry Robbins along with Leslie Norwalk, a strategic counsel to healthcare companies; Guy Sansone, president and CEO of H2 Health; and Doug Schulman, chairman of OneMain Holdings.
“We welcome the opportunity to join the board, roll up our sleeves, and lock arms with the board and leadership team to drive long-term, sustainable value through continued customer-centric offerings, commitment to compliance and quality, disciplined underwriting, and risk management, aligned incentive, and optimal capital allocation,” Robbins said in a statement.
“We appreciate the board engaging with us on a cooperative basis that allows all energies to be productively dedicated toward further strengthening this iconic company.”
CVS has faced headwinds all year with its Medicare Advantage business and started laying off a chunk of its workforce as part of the billion-dollar cost-cutting plan.
“As we build momentum across our integrated model, we continue to take actions that are positive for long-term success, while driving innovation and performance in our individual businesses and CVS Health overall,” David Joyner, president, and CEO of CVS Health said in a statement.
Joyner, who had been serving as vice president of CVS Health and president of CVS Caremark, was named CEO last month after Lynch’s removal. He also replaced the board on CVS Health’s board.