CVS Health has named Brian Newman, former CFO of UPS, as its new chief financial officer, with his appointment taking effect on 21 April.
The move marks the latest in a series of leadership transitions at the healthcare and retail pharmacy group, which continues to reshape its executive team amid financial pressures.
Newman will take over from Tom Cowhey, who will move into a strategic adviser role to support CEO David Joyner from 12 May.
Cowhey joined CVS in 2022 and was appointed interim CFO in October 2023 following the departure of Shawn Guertin, who stepped down for family health reasons.
Cowhey assumed the role on a permanent basis early last year.
In a regulatory filing, CVS disclosed that Newman will receive a $1 million base salary and is eligible for $7 million in annual equity compensation.
The filing also notes that Cowhey will assist with the handover during a transitional period, though his official departure date has not yet been finalised.
The company has recently undergone sweeping changes at the top.
Joyner was named CEO in October after CVS withdrew its earnings guidance due to mounting costs at its insurance arm, Aetna.
Profitability was hit hard in 2023 as Aetna faced increased medical expenses tied to government programmes such as Medicare Advantage and Medicaid.
In November, Sree Chaguturu was appointed president of CVS’ healthcare delivery business.
His former role as chief medical officer will now be filled by Amy Compton-Phillips, formerly chief physician executive at Press Ganey, starting 19 May.
Other key leadership changes include the appointment of Steve Nelson, former ChenMed CEO, as Aetna’s president, and Ed DeVaney as head of CVS Caremark, the company’s pharmacy benefits division.
CVS has reaffirmed its 2025 financial outlook, maintaining projected adjusted earnings of $5.75 to $6 per share. First-quarter results are due on 1 May.
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