CVS Making Changes To Board Of Directors

CVS Health is making changes to its board of directors. Richard Swift, Richard Bracken and Mark Bertolini will not stand for reelection at the company’s 2020 annual meeting. The board will then be reduced from 16 to 13 directors in order to further align with corporate governance best practices, the company said.

Swift, the former chairman of the board, president and CEO of Foster Wheeler Ltd., will be retiring from the board after having reached the mandatory retirement age. He has served as a director of CVS Health since 2006. Bracken, the former chairman and Chief CEO of HCA Inc., will be leaving the board and retiring from board service after a 45 year career in health care to spend more time on personal interests. He has served as a director since 2015.

Bertolini, the former chairman and CEO of Aetna, became a director upon the November 2018 closing of CVS Health’s acquisition of Aetna. Following the integration of the Aetna business, Bertolini will not continue as a member of the board after the annual meeting.

David Dorman, chair of the CVS board, said, “We want to thank each of these highly accomplished individuals for their service to the company and wish them all the best in the future. We particularly want to thank Dick and Richard for the tremendous leadership and expertise each brought to the board during their many years of service, including Dick’s role as chair of the audit committee and Richard’s role as chair of the medical affairs committee. The board would also like to thank Mark for his contribution to the successful integration of Aetna.”