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.

CVS Health announced Friday it has appointed David Joyner as its new Chief Executive Officer, replacing Karen Lynch.

CVS Health is naming its longtime executive David Joyner as its new CEO, succeeding Karen Lynch at the helm of the struggling healthcare giant, the Wall Street Journal reported on Friday. Joyner, who is the president of the company's pharmacy benefit manager CVS Caremark,

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

CVS Health has appointed David Joyner as its new CEO, following the company’s ongoing financial challenges and missed earnings expectations.

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.

CVS Health stock sold for $72.08 a share when Karen Lynch became president and CEO in 2021. It closed at $60.35 on Friday.