CVS Health sees leadership changes as CFO takes leave

Photo: Mario Tama/Getty Images

CVS Health has announced several leadership updates as executive vice president, CFO and president of health services Shawn Guertin is taking a leave of absence from his role due to what the company said were unforeseen family health reasons.

Senior vice president of corporate finance Tom Cowhey has been appointed interim CFO. 

CEO of Oak Street Health, Mike Pykosz, has been named interim president of health services.

"Our thoughts are with Shawn and his family during this difficult period," said CVS Health president and CEO Karen S. Lynch. "The Board and I have every confidence that Tom and Mike will ensure we continue to execute our strategy seamlessly while we give Shawn time to be with his family."

WHAT'S THE IMPACT?

Guertin has been in his role as executive vice president, president and CFO since May 2021.

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.

Kyle Armbrester, CEO of Signify Health, has continued to lead Signify since it became part of CVS Health on March 29. He is highly involved in the Health Services strategy and remains a member of the executive leadership team, the company said.

CVS Health will continue to report third-quarter earnings results on November 1, and hold Investor Day on December 5.

THE LARGER TREND

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.

CVS financed the transaction with borrowings of $5 billion from a term loan agreement entered into on May 1, and existing cash and available resources. CVS Health said it's committed to maintaining its current credit ratings.

It's been a busy few months for CVS, with the company launching Virtual Primary Care in January, a virtual care offering focused mainly on primary care and mental health services. Through the launch, CVS is also expanding its virtual mental health services. Enrollees 18 and older are slated to have access to nationwide virtual mental health support from clinicians including licensed therapists and psychiatrists.

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