CVS Health is adding four new members to its board of directors, including Larry Robbins, CEO of Glenview Capital Management—the hedge fund firm which has been pushing for changes at the healthcare giant after acquiring a significant stake in the business.
The move comes as part of a collaborative agreement between CVS and Glenview to expand CVS’s board to 16 members, while bringing expertise in healthcare and financial operations. Joining Robbins are Leslie Norwalk, Guy Sansone, and Doug Shulman, each of whom has held prominent roles in their respective fields.
“The new board members bring unique skills that will complement the existing team, and we anticipate working collaboratively to drive positive change,” said CVS Executive Chairman Roger Farah, emphasising the cooperative nature of the partnership.
The board additions are part of CVS’s broader effort to rebuild investor confidence after a challenging year. The company’s stock has declined roughly 34% since January, driven by earnings shortfalls primarily tied to its Aetna insurance unit.
In recent months, CVS has implemented significant changes to address these challenges, including a strategic review, appointing company veteran David Joyner as CEO, and naming a new head of healthcare insurance subsidiary Aetna from outside the organisation.
Glenview’s involvement began in September when Robbins proposed operational improvements after the hedge fund acquired a $700m stake, representing about 1% of CVS’s outstanding shares.
