CVS Health replaces CEO as it faces a range of challenges

CVS Health has replaced Karen Lynch with David Joyner as CEO, it said Friday, part of an attempt to turn the struggling company around.

Joyner was previously the president of CVS Caremark, the company’s pharmacy benefit manager, and formerly worked at Aetna, the insurer now owned by CVS. The company said Lynch had stepped down “in agreement” with the company’s board.

Share of the health care giant were down 12% in pre-market trading Friday, after falling 19% so far this year.

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