CVS appoints Tim Cowhey as permanent CFO

Photo: Mario Tama/Getty Images

CVS Health SVP of corporate finance Tom Cowhey has been serving as the company's interim chief financial officer since October, and has now been appointed as permanent CFO, CVS recently announced.

CEO of Oak Street Health and interim lead of healthcare delivery, Mike Pykosz, has been formally appointed president of healthcare delivery.

In October former CFO and president of health services Shawn Guertin took a leave of absence from his role due to what the company said were unforeseen family health reasons. Guertin had been in his role as executive vice president, president and CFO since May 2021.

"We are fortunate to have someone of Tom's caliber and experience already within CVS Health today and ready to take on the role," said CVS Health president and CEO Karen Lynch. "His experience in health care is deep and broad, and he will drive continuity for our strategy and deliver on our commitments."

WHAT'S THE IMPACT?

Cowhey joined CVS Health in February of 2022. He previously served as CFO of Surgery Partners Inc., and before that spent more than a decade at Aetna - which has been part of CVS since 2018 - in various strategy and finance roles. 

Since joining CVS Health, he has overseen investor relations, corporate development, treasury and finance operations, working closely with Guertin and Lynch to manage the company's overall financial strategy.

Pykosz joined CVS Health following the acquisition of Oak Street Health on May 2. As CEO and cofounder of Oak Street, he built it into a leading multi-payer, value-based primary care platform. During his time at CVS Health, Pykosz has been focused on continuing to run the Oak Street business, while also helping to unify all of CVS Health's care-delivery assets.

"Mike is a natural fit to lead the execution of our healthcare delivery strategy," said Lynch. "There is real innovation and value to be unlocked as Mike unifies our clinic-based and home health assets. The Board and I are fully confident in Tom and Mike."

THE LARGER TREND

While financial results for Q4 are not yet available, CVS Health logged strong earnings and revenue performance during the third quarter, hitting $2.3 billion in profit.

Total revenues increased to $89.8 billion, for the quarter and $264 billion for the year, up 10.6% compared to the prior year. Generated cash flow from operations reached $16.1 billion over that time.

Lynch said during an earnings call that it's been a "challenging business environment," but the company adapted to consumers' changing needs by broadening care access and lowering costs.
 

Twitter: @JELagasse
Email the writer: Jeff.Lagasse@himssmedia.com