CVS has a new CEO. Here are 5 things to know about David Joyner
CVS Health has a new CEO: David Joyner, a seasoned veteran in the healthcare industry, is stepping into the challenging role.
He takes the helm during a turbulent period for CVS, as it grapples with rising costs in its healthcare sector, declining drugstore sales, and mounting pressure from investors.
Like other pharmacy chains, such as Walgreens, CVS is trying to adapt to a transformed marketplace while competing with online platforms and more convenient alternatives, like Amazon’s Pharmacy division.
With decades of experience in leadership roles across the company, Joyner has the potential to help CVS navigate these challenges, even as the company warns that its third-quarter may disappoint Wall Street.
We’ve compiled a list of five things to know about CVS’s new CEO. Let’s take a look.
1. Extensive Industry Experience
Joyner brings 37 years of experience in healthcare and pharmacy benefit management to CVS.
His long career, including roles such as executive vice president of sales and marketing at CVS Health (CVS), has given him a “deep understanding” of the industry’s complexities, making him well-suited to lead CVS Health. In that role, he was in charge of all sales and marketing activities for the company’s pharmacy benefit manager, which generated over $80 billion in revenue from that sector, per LinkedIn.
2. Leadership at CVS Caremark
Most recently, Joyner led the pharmacy services division at CVS Caremark, overseeing pharmacy benefits for approximately 90 million members. Following the merger with CVS, he was responsible for all sales and account services, managing over $36 billion in combined revenues from the PBM sector, according to LinkedIn. He also played a crucial role in improving patient access and enhancing operational efficiencies. Under his leadership, CVS Caremark introduced tools to help patients manage their prescriptions more effectively.
3. Background at Aetna
Joyner started his career at Aetna as an employee benefit representative, which laid the groundwork for his future roles. He later became the executive vice president of sales and account services, helping to expand Aetna’s plan offerings. His work there included the launch of a mobile app aimed at improving member engagement and access to care.
4. Focus on Innovation and Technology
Throughout his career, Joyner has emphasized the importance of leveraging technology in healthcare. During his time at CVS Caremark, he led the development of digital platforms to streamline operations and enhance patient care to serve 110 million members.
5. Vision for CVS Health’s Future
In his first statements as CEO, Joyner emphasized a strong commitment to CVS’s health mission: “There is no greater honor than to lead a company whose mission and purpose are completely focused on improving health.” He said he plans to leverage the company’s “integrated business model” to “expand access and drive greater affordability” to over 186 million people.