CVS Health Chief Executive Officer Karen Lynch has stepped down and will be replaced by David Joyner, who runs the company's pharmacy benefit firm, Caremark.

The struggling pharmacy chain said Friday that the change in leadership is effective immediately. Lynch had been CEO since early 2021. One of the nation’s largest healthcare companies is experiencing a seismic shakeup.

CVS Health CEO Karen Lynch has stepped down and is being replaced by David Joyner amid struggles with rising costs.

Longtime executive David Joyner, 60, took over on Thursday after CVS repeatedly missed earnings targets, setting off unrest among shareholders that spilled into public view in recent weeks

CVS has replaced CEO Karen Lynch with longtime pharmacy benefits executive David Joyner. The company has been struggling to drive higher profits and better stock performance. Last month, major CVS shareholder Glenview Capital began a significant push for changes at the company.

CVS Health said Friday that as of Thursday David Joyner became its new CEO, replacing Karen Lynch. In an agreement with the CVS board, Lynch stepped down.

CVS Health CEO Karen Lynch has stepped down and is being replaced by David Joyner as the health care giant continues to struggle with rising costs.

All major pharmacy chains are attempting to navigate a drastically changed landscape, facing competition online and elsewhere.

CVS has been struggling with rising medical costs in its Medicare Advantage plans and slumping drugstore sales.