SMITHFIELD – Heading a multibillion-dollar health care company during the height of the pandemic isn’t for the faint of heart.
But Karen S. Lynch rose to the challenge, taking the helm of CVS Health as president and CEO a little over a year ago. It’s not the first time she’s stepped up to a seemingly insurmountable task, whether it be overseeing the underwriting arm of an insurance company without a background in underwriting, or ignoring the advice of consultants who told her that a petite blonde who wears pink didn’t look the part of a high-level executive.
The Most Undervalued Asset in Business: The Right Connection
By Emilio DiSpirito IV License Partner | Private Office Advisor Engel & Volkers Oceanside www.DiSpiritoteam.com…
Learn More
“I think they underestimated me, clearly,” Lynch said during her keynote address as part of the Bryant University Women’s Summit on Wednesday. Overcoming obstacles was a common thread among the female executives who spoke during the 25th annual event. In addition to Lynch, the summit also featured keynote addresses from Ginny Clarke, former executive recruiter for Google, and Nikkia Reveillac, director of consumer insights at Netflix.
Like Lynch, Clarke’s appearance – as a 6-foot-tall Black woman- did not exactly pave the way for her success. She was often told others would find her intimidating.
Whether for her appearance or her assumption that her thoughts were obvious to the rest of the (usually all-male) room, Clarke spent much of her early career in commercial real estate and executive recruiting “playing it small.”
Now, she knows better, and wants others to learn from her mistake.
“You damn sure better tell people what you’re thinking, and don’t hold back,” Clarke said.
Lynch similarly ignored the feedback from consultants who warned she didn’t look or sound the part of a CEO, instead choosing to forge ahead as her own “authentic self.”
That’s not to say that feedback should always be set aside.
Indeed, decision-making and the ability to share feedback – both good and bad – are among the defining characteristics of true leaders, more so than where someone appears on their company’s organizational chart, Clarke said.
“We need to get better at giving feedback,” Clarke said. “It’s a gift.”
And sometimes that feedback means making tough choices. Lynch did not directly comment on the sexual harassment investigation that rocked her company late last year, leading to the firing of several executives and employees.
But she acknowledged that the company has struggled with its culture.
Changing that culture is not the only sweeping reform to take place under her eye. Since Lynch was named president and CEO, CVS has announced plans to make the leap into primary care, alongside changes to its pharmacy and drugstore services.
Lynch stressed the importance of making careful, well-informed decisions, without getting too caught up in the data.
“As leaders, people are looking at you every single day to make those hard calls,” she said. “Sometimes you’re not going to have all the information. You can always adjust going forward, but make the call.”
Lynch was also honored as the Kati C. Machtley Businesswoman of the Year Award during the event.
“In leading CVS as it has played a significant role in the national response to COVID-19, she has demonstrated exceptional leadership that makes her an inspirational role model,” Bryant University President Ross Gittell said of Lynch in a statement.
The Bryant University Women’s Summit is the longest-running and largest event of its kind in the region, according to the university. The 25th annual event was held both in-person and virtually.
Providence Business News is a media sponsor of the event.
(Updates: Adds comments from CVS Health President and CEO Karen S. Lynch throughout)
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com
