CVS Health Corp. has picked its next president and CEO from among its current group of executive leaders.
The company said Friday that veteran insurance executive Karen S. Lynch will replace Larry J. Merlo, who plans to retire February 1.
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The 64-year-old Merlo will step down after serving as president and CEO of the drugstore chain and pharmacy benefits manager for a decade.
“I am incredibly proud to have had the opportunity to lead CVS Health over the past decade as we pursue our important purpose to help people on their path to better health,” said Merlo,” in a statement. “I am grateful to our entire CVS Health team for their dedication and hard work in helping us build a powerful, integrated health services company that will enable us to transform how health care is delivered across the country. Karen has been a key partner to me in our foundational work over the last two years, and her experience and vision will be critical in driving forward CVS Health’s journey of enhancing value for our customers as the nation’s leading health care company for years to come.”
Lynch, 57, is currently an executive vice president and also president of the company’s Aetna insurance division. CVS Health acquired Aetna in a roughly $69 billion deal it completed in 2018.
Lynch came to CVS Health with Aetna and served as an executive with the Blue Cross-Blue Shield insurer Anthem before that.
“I am deeply honored to have the opportunity to succeed Larry and lead CVS Health on the next phase of our important journey to meet America’s health care needs,” said Lynch. “Never before has our purpose been more critical than during these unprecedented times. Together with the CVS Health leadership team and all of our colleagues, I will work to build on the strong foundation Larry has put in place to continue to make health care more accessible and affordable, driving better health outcomes for our consumers and communities. I am highly confident about our company’s future and look forward to further accelerating the value we bring to all of our stakeholders.”
Woonsocket, Rhode Island-based CVS Health Corp. runs one of the nation’s largest drugstore chains with about 9,900 retail locations. In addition to selling insurance, it also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business.
