CVS Health CEO Lynch steps down, Joyner named to the post

CVS Health CEO Karen Lynch has stepped down with company shares down 19% and the national drugstore chain struggling.

Lynch will be replaced by David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs.

Joyner most recently served as executive vice president of CVS Health, and president of CVS Caremark.

The company said it now anticipates third-quarter adjusted earnings of $1.05 to $1.10 per share, citing higher-than-expected medical cost trends. Analysts polled by FactSet predict earnings of $1.69 per share.

CVS Health also announced on Friday that Chairman Roger Farah will now be executive chairman.

Shares tumbled more than 12% before the market open.

FILE - David Joyner, then-executive vice president and president of pharmacy services at CVS Health, testifies during the Senate Health, Education, Labor, and Pensions Committee hearing on Capitol Hill in Washington, Wednesday, May 10, 2023. (AP Photo/Carolyn Kaster, File)

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