CVS CEO Continues Management Shakeup With New CFO And Medical Officer

CVS Health chief executive officer David Joyner Tuesday named a new chief financial officer and chief medical officer as he continues to fill out his new management team.

Joyner, who took over as the company’s CEO less than six months ago, announced a “chief financial officer transition plan,” naming Brian Newman, who is 56 years old, as “executive vice president and chief financial officer designate, effective April 21.” Newman was most recently executive vice president and chief financial officer of United Parcel Service. “In his nearly five years of leadership, he delivered results that supported employees, customers, and communities, in particular helping lead the company through COVID-19 pandemic,” CVS said of Newman’s work at UPS.

Newman will succeed current chief financial officer, Tom Cowhey, 52, who will transition to serve as a strategic advisor to Joyner, effective May 12, the company announced Tuesday.

In addition, CVS said Dr. Amy Compton-Phillips, 61, is the company’s new executive vice president and chief medical officer, effective May 19. Compton-Phillips, who also reports to Joyner, was most recently chief physician executive of Press Ganey, a health care performance improvement company. “She has an extensive background in directing patient care programs and leading health care organizations to broad-based improvements,” CVS said.

“As I continue to build out my leadership team, I am confident that Brian and Amy will help us continue the momentum we have built over the past several months as we execute on our strategy to deliver better health care to the 185 million Americans we are privileged to serve,” Joyner said Tuesday. “Their collective and individual experience and expertise are well suited to CVS Health and we welcome them both to our leadership team.”

Joyner’s new executive picks are the first major executive moves since since he was promoted last October to replace Karen S. Lynch, who stepped down. CVS has struggled to control costs in its Aetna health insurance businesses and its retail pharmacies have struggled.

But CVS also said Tuesday financial progress is being made.

“Based on year-to-date results through February, the company currently expects financial results will meet or exceed its previously issued guidance for full year 2025,” CVS announced Tuesday along with the new executive appointments. “Our financial closing procedures for the first quarter of 2025 are not yet complete and, as a result, expected results for the full year may change due to such financial closing procedures, final adjustments, management’s review of results, and other developments that may arise between now and the time our financial results for the first quarter of 2025 are finalized.”

CVS reports first quarter earnings on May 1.