https://www.cvshealth.com/news/company-news/cvs-health-names-david-joyner-chair-of-the-board-of-directors.html#:~:text=WOONSOCKET%2C%20RI%20(November%2020%2C,%2C%20effective%20January%201%2C%202026.
So now David Joyner will be president, CEO, and chairman of the board. One guy in charge of everything, making all the decisions. I don’t know if that’s good or bad, but CVS is now going “all-in” on Mr. Joyner.
No Karen talked JDJ out of an early retirement to run Caremark. He got the call while RV’ing and getting bored as an empty nester, or so the story goes.
I cannot remember if he had been running Caremark prior to retirement, or just was in a senior position there at the time of retirement.
I suspect that the board had nudged Karen to tempt him back in order to line up a successor without either suspecting it. Karen has already pushed out potential successors on the ELT.
@bv it’s not like Uncle Roger was doing a whole lot except as Exec Chairman. He was just there holding back final say until investors were confident that DJ could run the ship. I don’t think he ever really made any actual decisions over DJ over the past year. But it was interesting seeing where his name would pop up in various hierarchies over the past year as people couldn’t figure out where to put him.
DJ is still boxed in by Karen’s bad decisions though. BN is doing good work containing the signify and oak street mess. And the company’s success still boils down to if Caremark gains/loses large clients or how Aetna prices in medical cost and risks. We’re stuck with oak street and signify and other d-mb investments (like the upscale Minute clinic clone we bought into) to not go backwards against this “everything healthcare” philosophy.
I think it’s a good thing. I like him. Way nicer than Karen was.
One ring to rule them all usually means downsizing.
So basically one guy is going to be in charge of the entire empire. Rather ironically wasn’t he coming out of retirement to be a stopgap measure until they found someone more permanent? And now he’s the permanent guy? CVS is putting all their eggs into one basket. I hope it works out.
Glenview capital drove the mad queen out, made sure someone sane was in charge, made a bunch of money and are moving on to the next shiny object. Props to them honestly.
Is that even legal?
Yes, that is interesting. I've worked under him for years and do like and respect him at least as much as any of the execs.
In a way it does make sense as 'the Aetna way' under Karen was sure the wrong way and we saw the results. CVS people are fine but more retail focused and often 'penny wise and pound foolish'. Caremark is more business, analytical and more cut throat.
I suspect that means quite a bit of analysis of Aetna and more than a few small kingdoms cut loose.