CVS Health beat a Wall Street estimate for third quarter income as its Retail/LTC division sales gained. The company’s board of directors has also appointed Karen Lynch, currently evp/CVS Health and president, Aetna, as the company’s next president and CEO as well as a member of the board.
CVS Health said it has made a series of executive leadership assignments to support the company’s continued focus on innovation and strategic growth.
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.
CVS Health maintained momentum in the third quarter, as the retailer beat analyst estimates and saw retail comparable sales gains.
At its June 4 Investor Day, CVS Health executives demonstrated how the company plans to accelerate enterprise growth, simplify how consumers can engage the health care system and position the business for long-term growth.
First quarter financial results indicate that its fresh approach to retail and health care, including the company’s Aetna acquisition, is making gains, said Larry Menlo, CVS Health Corp. president and CEO.
Sales in the front end, including general merchandise, helped CVS Health Corp. revenues gain in the fourth quarter as adjusted earnings beat analyst expectations.
In the culmination of a long courtship, CVS Health has completed the acquisition of Aetna, creating a unique comprehensive health care company.
As CVS reported that the U.S. Department of Justice will allow it to proceed with its pending acquisition of Aetna, the company also added new board directors and management in anticipation of the merger closing.
Lowe’s has appointed David Denton as executive vice president, chief financial officer.
In a second quarter hit by one-time unique charges, CVS Health recorded a company net loss of $2.56 billion, or $2.52 per diluted share, versus company net income of $1.1 billion, or $1.07 per diluted share, in the year-before period.
CVS Health has named the management team that will lead the company when it combines with insurance and health-related services provider Aetna.
As CVS works to complete its health care related acquisition of Aetna, the drug store retailer posted a strong first quarter with both earnings and sales gaining.
As CVS evolves its health care operations, along with its pending acquisition of Aetna, the drug store boosted its fourth quarter income and sales.
In a $69 billion deal, CVS Health is acquiring insurance and health care services provider Aetna.