CVS Health makes pharmacy leadership appointments

Photo: Franco Vogt/Getty Images

CVS Health has announced a couple of new leadership appointments in its pharmacy division, with Len Shankman being appointed the new president of Pharmacy and Consumer Wellness (PCW), while Lucille Accetta will take over the role of chief pharmacy officer.

Both appointments are effective immediately, CVS said.

WHAT'S THE IMPACT?

Shankman will oversee the front store and retail pharmacy businesses across the company's 9,000-plus pharmacy locations, the company said. In his new role, he'll be responsible for delivering integrated digital experiences, CVS said.

Shankman joined CVS Health in 2002 and most recently served as senior vice president and chief financial officer, Pharmacy and Consumer Wellness. Shankman has also held leadership positions in the company's Specialty Pharmacy business and as general manager for Coram, the CVS Specialty infusion business. 

As chief pharmacy officer, CVS said Accetta will advocate for the role of the pharmacist in healthcare, and will be responsible for creating and implementing strategic opportunities to connect pharmacy assets across the entirety of the business.

Since joining CVS Health in 2017, Accetta has held numerous roles within the Specialty Pharmacy business. Prior to joining the company, she held leadership roles at Teva Pharmaceuticals, Rx Ally, Express Scripts and Medco, garnering experience in patient services management, pharmacy product development and clinical operations.

CVS Health president and CEO David Joyner said by statement that Accetta "leads with heart, driving the operational excellence our patients deserve along with instilling in our team an unwavering focus on caring for patients."

THE LARGER TREND

In Q3, CVS Health hit $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.

CVS has repeatedly cut guidance this year due to financial pressures from lower reimbursement rates for prescription drugs – which has hit all pharmacies – and higher medical costs.

Former CVS Health president and CEO Karen 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. In October, Lynch was replaced by CEO David Joyner, Caremark's president, after Lynch left per agreement with the company's board of directors.

CVS Health officially completed its acquisition of Oak Street Health in May. The definitive agreement was announced in February, with the all-cash transaction valued at around $10.6 billion. Oak Street Health is a multi-payer, value-based primary care company focused on older adults, with a care model and technology platform it describes as scalable.

Jeff Lagasse is editor of Healthcare Finance News.
Email: jlagasse@himss.org
Healthcare Finance News is a HIMSS Media publication.