Home Industries Health Services DeVaney named permanent president of CVS Caremark

DeVaney named permanent president of CVS Caremark

By

PBN Staff

-

02/17/2025

DeVaney_highres — ED DEVANEY has been named president of CVS Caremark. He led the company’s pharmacy management business on an interim basis since Dec. 2024, after David Joyner succeeded Karen Lynch as CVS Health Corp. CEO and president. /COURTESY CVS HEALTH CORP.

WOONSOCKET – Months after taking over as interim CVS Caremark president, Ed DeVaney will now have the position permanently. DeVaney took the position in December 2024, after David Joyner was named CVS Health Corp. CEO and president succeeding Karen Lynch, stepped down last October. DeVaney will now lead the company’s pharmacy-management business on a permanent

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber

Critical RI business news and analysis updated daily.
1 year of print (26 issues).
Unlimited access to all subscriber only content on our website, on any device.
Free email alerts.
Annual Book of Lists Print Edition.
All special issues produced during subscription term.

Click Here to purchase a paywall bypass link for this article

PBN Branded Content

Rhode Island business boosts efficiency and sustainability with Rhode Island Energy

Hexagon, a global technology and software company, develops products that combine sensor, software and autonomous…

Learn More

LEAVE A REPLY Cancel reply

WOONSOCKET – Months after taking over as interim CVS Caremark president, Ed DeVaney will now have the position permanently. DeVaney took the position in December 2024, after David Joyner was named CVS Health Corp. CEO and president succeeding Karen Lynch, stepped down last October. DeVaney will now lead the company’s pharmacy-management business on a permanent basis, CVS Health Corp. announced Monday. He will report to Prem Shah, group president of CVS. “I am honored ... to work with our dedicated colleagues who are focused on making prescription drugs more affordable and delivering better care to everyone,” DeVaney said. “The role of [pharmacy benefit managers] has never been more critical in achieving affordability and access to medicine in our country, and our drive to greater drug-pricing transparency through innovation has never been more needed.” DeVaney joined CVS Caremark in December 2024 after previously working with CVS Health in numerous roles from 2005-2022. He has been a member of North Carolina-based RadixBay's board of advisers since 2020. Before joining CVS, DeVaney managed client relationships at Hewitt Associates, focusing on health care consulting and benefits administration. “Ed’s ability to build and grow a strong team culture, while prioritizing talent development, leads to strong business results,” Joyner said. “His commitment shows every day in his deep understanding of our industry, his advocacy for our business and a proven track record of anticipating and solving client needs.” On Feb. 12, CVS reported earnings of $1.64 billion, or $1.30 per share for the quarter ended Dec. 31. A year earlier the company earned $2.05 billion, or $1.58 per share. While the profit blew past expectations, it was short of the same period last year, which CVS blamed on increased medical costs in its insurance division, and lower Medicare Advantage star ratings for the 2024 payment year. CVS Health runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm. The health care giant has been hurt by pressure from the Medicaid coverage it manages in several states, as well as rising costs from its Medicare Advantage business, which involves privately run versions of the federal government’s coverage program mainly for people aged 65 and older. About a month later, the company added four new board members. They included the CEO of shareholder Glenview Capital Management, a hedge fund that has criticized the company for operating below its potential. Glenview holds about 1% of the company’s outstanding shares, according to FactSet. On Feb 4, CVS filed a Worker Adjustment and Retraining Notification notice with R.I. Department of Labor and Training announcing they were shedding 38 jobs. Of the 38 employees, 23 work at CVS corporate headquarters in Woonsocket and the remaining 15 work remotely but report to someone who is based in Rhode Island. The layoffs will take place June 7, with one remote employee set to be terminated March 29. This brings the number of workers with Rhode Island ties affected by CVS’ layoff plans to 1,466, including 188 Rhode Island residents.