CONNECT WITH US
eCommerce

eCommerce

CVS Health to split retail pharmacy and health care service into two companies

Digital Commerce 360 logo

Published on

Add as a preferred source on Google
CVS Health to split retail pharmacy and health care service into two companies

CVS Health announced that it plans to separate its retail pharmacy chain from its health care services business units into two distinct companies.

The move comes as retail pharmacies broadly face competition and other pressures. It would walk back two decades of expansion and mergers, including CVS’s 2007 Caremark acquisition and Aetna acquisition in 2018.

The two companies emerging from the split would be called CVS Health and CVS Pharmacy.

Currently, CVS Health is No. 101 in the Top 1000 Database. The market research tool tracks North America’s largest online retailers, ranking them by annual ecommerce sales and more.

CVS Health is also No. 201 in Digital Commerce 360 and ReFiBuy’s AI Commerce Rankings. That set of rankings is available in the Top 1000 Pro with AI Database.

“Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access, and a simpler experience,” said David Joyner, chairman and CEO at CVS Health. “Over the last two years, we have made meaningful progress: we built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise, and drove total shareholder return.”

Joyner became CEO at CVS in 2024. He is expected to be chairman and CEO at the new incarnation of CVS Health following the separation. Meanwhile, Prem Shah, who now serves as group president at CVS Health, is slated to become the new CEO of CVS Pharmacy.

“From a position of strength, and a focus on the long term, we plan to create two focused companies to improve consumer engagement, affordability, and care coordination,” Joyner said in a released statement.


Source link
Related Topics:eCommerce

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.