CVS Health Announces Changes to Support Innovation and Growth

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Feb 12, 2020, 07:30 ET

WOONSOCKET, R.I., Feb. 12, 2020 /PRNewswire/ -- CVS Health (NYSE: CVS) today announced a series of leadership assignments to support the company's continued focus on innovation and strategic growth.

"We have set a clear and bold path for CVS Health to be the most consumer-centric health company and transform the way care is delivered, and we have laid a strong foundation for growth following more than a year of successfully integrating the Aetna business," said Larry J. Merlo, President and CEO, CVS Health. "As we continue to innovate and execute we will stay close to the markets we serve and respond to the needs of our clients. The assignments announced today place our leaders in areas where their unique experience and deep business relationships will help us deliver on our core growth initiatives and transformation strategies."

CVS Health leadership assignments include:

Alan Lotvin, M.D., Executive Vice President at CVS Health, has been appointed President of CVS Caremark, and will also have oversight of CVS Specialty and CVS Kidney Care. Lotvin has deep experience in the pharmacy benefit management (PBM) business, with expertise in specialty pharmacy. With the growing importance of specialty medicines and gene therapy management, he is uniquely positioned to lead the company's next wave of growth in this area. Lotvin previously led CVS Health's transformation efforts.
Jonathan Mayhew has been appointed Executive Vice President, Transformation, and will be responsible for the transformation product portfolio. Mayhew has diverse health care experience, most recently serving as Senior Vice President for the Aetna Markets organization. He has a demonstrated track record of building and growing businesses to serve needs in the marketplace and is uniquely positioned to bring CVS Health's
transformation products to life across the company's open access platform.
Alec Cunningham has been appointed Executive Vice President and Chief Operating Officer for the Aetna business and will lead an expanded organization that will focus on Medicare Advantage and government programs overall – an area of growing importance. Cunningham joined CVS Health last year from Concerto Healthcare, a leading provider organization that serves dual-eligible, Medicare, Medicaid, and complex medical needs patients.
Derica Rice, Executive Vice President and President, CVS Caremark, will depart CVS Health. Derica will remain with the company through February to help ensure a seamless transition.

"I want to thank Derica for his leadership during a period of significant growth and evolution for our PBM business, and wish him the best in his future endeavors," said Merlo. "I am confident we are driving a sea change in how our key stakeholders think about us, and how consumers partner with us to take control of their health. These new assignments will accelerate that process."

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company in the world. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings – from HealthHUB® locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions – are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at http://www.cvshealth.com.

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include our statements concerning the impact of leadership assignments on our ability to deliver on our growth initiatives and transformation strategies and our future responses to the needs of our clients. By their nature, all forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and in our most recently filed Quarterly Report on Form 10-Q.

You are cautioned not to place undue reliance on CVS Health's forward-looking statements. These forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.

Investor Contact:
Valerie Haertel
CVS Health
401-770-4050
[email protected]

Media Contact:
T.J. Crawford
CVS Health
212-457-0583
[email protected]

SOURCE CVS Health