CVS Health has announced key leadership changes, appointing Brian Newman as CFO and Amy Compton-Phillips, MD, as executive vice president and chief medical officer.
Here are five things to know:
1. Tom Cowhey, who joined CVS Health in 2022 as CFO, will transition to a new role as strategic adviser to President and CEO David Joyner.
2. Mr. Newman brings experience from his time as CFO at United Parcel Service. Before UPS, he spent over two decades at PepsiCo, serving as chief strategy officer and holding multiple finance leadership roles across global markets, including Europe, Asia and the Americas.
3. Dr. Compton-Phillips most recently held the role of chief physician officer at Press Ganey. Previously, she was president and chief clinical officer at Providence, a large health system based in Renton, Wash.
4. Mr. Newman will assume the CFO role on May 12, while Dr. Compton-Phillips will step into her CMO role on May 19. Both executives will report directly to CEO David Joyner.
5. These leadership appointments come as CVS Health faces mounting financial pressures and reconsiders its strategic direction in healthcare. In 2024, the company’s health services segment reported $173.6 billion in total revenue, a 7.1% year-over-year decline. Additionally, CVS shares dropped 24% over the year, and the company issued multiple downward revisions to its earnings guidance, according to the Wall Street Journal.
The post CVS Health names new CFO, CMO amid strategic realignment appeared first on Becker’s ASC.
