CVS Health logo is seen displayed in this illustration taken, May 3, 2022. REUTERS
(Reuters) – CVS Health’s chief financial officer, Thomas Cowhey, intends to step down, Bloomberg News reported on Monday, amid the health insurer’s ongoing efforts to effect a turnaround spearheaded by CEO David Joyner.
Bloomberg, citing people familiar with the situation, said the timing of Cowhey’s departure was unclear but did not give a reason for the CFO leaving.
Cowhey was appointed CFO in January 2024 after holding the position on an interim basis since October 2023.
CVS, facing financial struggles over the past few years and pressure from investors, missed its earnings targets for the first three quarters of 2024.
It also withdrew its annual forecast as it announced Joyner’s appointment last October.
The new CEO laid out cost-cutting plans and named a new insurance head to help navigate one of the most challenging periods in the company’s six-decade history.
In February, CVS eventually managed to beat Wall Street estimates for fourth-quarter profit and provided an annual forecast that largely met expectations.
Reporting by Ojasvi Gupta in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D’Souza
