Joyner has been president of CVS Caremark, the company’s pharmacy-benefit manager, as well as an executive vice president of CVS.
CVS is headquartered in Woonsocket and is one of Rhode Island’s largest employers.
He is set to take over as president and chief executive on Friday.
According to the Wall St. Journal, Roger Farah, chairman of CVS’s board of directors, will also become executive chair. CVS is making the changes after repeatedly cutting its forecasts for this year’s financial performance, moves that led to a 19% decline in its share price this year, a push for changes by a major hedge fund, and a board review of strategy that included the option of breaking up the company.”
The company has laid off thousands of employees this year, including the announcement of more than 600 who work out of the Woonsocket office.
“CVS is now planning to announce third-quarter results that will fall short of Wall Street expectations and to back away from its most recent full-year earnings projection for 2024, issued in August. A new downgrade would represent the fourth since the company’s investor day in December 2023.
Joyner and Farah said in an interview with The Wall Street Journal that CVS will now move forward intact,” adds WSJ.
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