CVS Health, parent company of Hartford health insurer Aetna, announced it has named two new C-suite executives.
Brian Newman will take over as executive vice president and chief financial officer on May 12, replacing Tom Cowhey, who will transition to serve as a strategic advisor to CVS Health President and CEO David Joyner.
Dr. Amy Compton-Phillips has been named CVS Health’s new executive vice president and chief medical officer, also reporting to Joyner.
These are the latest in a number of recent major changes to the C-suite of CVS Health, which dealt with numerous challenges in 2024, including higher-than-expected medical expenses from its insurance arm Aetna.
That weighed down the company’s earnings, led to investor unrest and ultimately a shake-up of its executive team.
Joyner was named CEO last October, replacing Karen Lynch. Steve Nelson was named Aetna’s new president in November.
“As I continue to build out my leadership team, I am confident that Brian and Amy will help us continue the momentum we have built over the past several months as we execute on our strategy to deliver better health care to the 185 million Americans we are privileged to serve,” Joyner said Tuesday in announcing his new appointments. “Their collective and individual experience and expertise are well suited to CVS Health and we welcome them both to our leadership team.”
Newman was most recently executive vice president and chief financial officer of United Parcel Service. Before joining UPS, he spent 26 years with PepsiCo and served in finance leadership roles across Europe, Asia and North and South America.
Compton-Phillips was most recently chief physician executive of Press Ganey, a healthcare performance improvement company. Prior to that, she was the president and chief clinical officer at Providence Health & Services, a healthcare system, responsible for clinical operations and care including improving health, care and value outcomes delivered by the system’s hospitals, clinics and caregivers.
From 1985 to 2007, she held positions of increasing responsibility at Kaiser Permanente.
CVS on Tuesday also said that, based on year-to-date results through February, it expects its financial results will meet or exceed previously issued guidance for full year 2025.
The company’s stock price, as of 9:45 a.m. Tuesday morning, was up more than 9% to nearly $70. That’s well-above CVS’ 52-week low price of $43.56.
