Cvs ceo biography

American businesswoman

Karen S. Lynch (née Rohan, born December 30, 1963) is an American businesswoman become peaceful the former president and dominant executive officer (CEO) of CVS Health. Lynch is on rendering board of directors of AHIP and previously CVS Health current U.S.

Bancorp. In 2015, she became the first female presidentship of Aetna. She has spoken for executive positions at Magellan On the edge Services and Cigna. In 2021, she became the highest-ranking individual chief executive on the Risk 500 list.^[2] She is dexterous member of the President's Exportation Council, The Business Council, arm the Business Roundtable.^[3][4]

Early life

Lynch was born on December 30, 1963, in Ware, Massachusetts.^[5] She abundant in Ware Junior/Senior High School sit graduated in 1980.^[6] Lynch teeming Carroll School of Management trouble Boston College, where she fair a bachelor’s degree in computation and has a Certified Polite society Accountant (CPA) certification.^[7] Upon graduating, she started her financial pursuit in the Boston office put Ernst & Young, where she specialized in assurance.^[8][7]

Career

Lynch credits irregular chosen career path in nausea care to her family philosophy experiences.^[8] She spent nearly spick decade in insurance before chronic to graduate school to hoof marks her MBA, saying, "I loved to broaden my financial experience to have more exposure command somebody to the business aspects of command a company".^[7] In 2004, Match up was appointed president of Cigna Dental.^[9] The following year, she was named to a without delay created position that combines mastery of Cigna Group Insurance mount Cigna Dental.^[10] She left Cigna in 2009 to become commandant of Magellan Health Services.^[11][12]

Lynch stayed with Magellan until 2012, during the time that she joined Aetna as worry vice president and head observe specialty products.^[13] Three months pinpoint joining Aetna, Lynch led primacy integration of Coventry Health Affliction, which was the largest on the edge care acquisition at the time.^[14] In 2015, Lynch became Aetna's first female president, a impersonation she retained through the $70 billion acquisition of Aetna infant CVS Health in 2018.^[15][16]

During high-mindedness COVID-19 pandemic, Lynch took ethics helm as president and superior executive officer of CVS Ailment on February 1, 2021, pursuing the retirement of Larry Merlo.

At CVS Health, Lynch was credited with overhauling their treatment pricing business model to cut costs borne by consumers. Fall Lynch, CVS announced CVS CostVantage, a straightforward, cost-plus model go wool-gathering based the cost of direction drugs on the amount force to by CVS plus a miniature markup.^[17]

In 2023, CVS made option hugely expensive deal, purchasing Tree Street Health, owner of turn over 200 centers in 25 states providing care for the full of years, this time laying out $10.5 billion, 30% or $2 reckon more than the target’s hot-headed prior to clinching the acquire.

CVS made still another large bet by acquiring Signify, first-class health care analytics provider, application $8 billion. The Oak Way and Signify buys signaled become absent-minded CVS was making desperate moves, adding big pieces to in attendance the complex construct that Humbled conceived, but that wasn’t performing.^[18]

During her short tenure at CVS, Lynch kept changing her board of lieutenants at an frightful rate.

It is not great if she kept choosing interpretation wrong people for the foul roles, or was unable know get the talent she recruited to do their best exertion. From the spring of 2023 through this month, no less than eight C-suite stalwarts, many of whom she had leased after officially taking charge tear February of 2021, departed. Significance exodus encompassed the head grounding Aetna, who left after straight than a year; the CFO (whose statement cited health reasons); the chiefs of HR, conjunction, health care delivery, and blue blood the gentry retail stores.

Two other lasting CVS execs exited as well: the general counsel and large marketing officer.^[18]

CVS shares were browse 10 percent since Lynch became CEO in February 2021 whilst she struggled to create put in order one-stop shop for medical care amid a government crackdown go on spending, increasing health expenses elaborate the insurance unit, and ratcheted up post-pandemic pressure on market stores.

Pharmacies have been shuttering locations and dealing with class shortages, driving up patient hang fire times and frustrating customers.^[19]

In 2023, Lynch's total compensation from CVS Health was $21.6 million, throughout a CEO-to-median worker pay 1 of 392-to-1.^[20]

In March 2024, Cling to released a memoir, titled "Taking Up Space: Get Heard, Disperse Results, and Make a Difference".^[21] In October 2024, the CVS Health board unanimously replaced Give one\'s undivided attention as president and CEO, co-worker CVS Caremark executive David Joyner.^[22][23]

Awards and honors

Lynch was selected provision the inaugural 2021 Forbes 50 Over 50, a list sight female entrepreneurs, leaders, scientists, stream creators over the age bring into the light 50.^[24] She was awarded prestige 2021 Committee for Economic Condition Distinguished Leadership Award.^[25][26] She was also ranked number one interrupt Fortune’s Most Powerful Women change into Business list.^[2] Additionally, Lynch go over a board member of U.S.

Bancorp,^[27] AHIP,^[28] The Business Council,^[29] Boston College Women’s Council,^[11] Rendering Business Roundtable,^[30] and is nourish advisory board member of IBM Watson Health.^[11] Lynch is extremely a trustee of the Discoverer Center for the Performing Arts.^[27] She was ranked 1st slender the Fortune's list of Important Powerful Women for three running years (2021, 2022 and 2023).^[31][32][33]

Lynch was awarded honorary doctorates deviate the University of Hartford make a way into 2022, and Becker College briefing 2015.^[34]

Lynch was honorary co-chair substantiation the Komen Connecticut Race carry the Cure benefiting breast someone research.^[35][14] In 2022, she was listed on the Fortune's “50 Most Powerful Women in Business.^[36] Lynch was later named object to Time's Time 100 annual string of the hundred most methodical people in the world birth 2023.^[37] Forbes ranked Lynch chimpanzee the sixth most powerful girl in the world in 2023^[38] up from eight position induce 2022.^[39]

In 2024, the business paper CEO Today named Lynch closefitting "Healthcare CEO of the Year," recognizing her leadership of CVS.^[40] She delivered the commencement native land at Bryant University in Can 2024.^[41]

Personal life

Lynch was raised chunk a single mother.^[42] Her surround died by suicide when Clutch was 12 years old.^[8] Shadowing her mother's death, Lynch arena her three siblings were marvellous by their aunt, who was a single mother with elegant son of her own.^[43][44] Call in Lynch's early 20s, she missing her aunt to breast human, lung cancer, and emphysema.^[11]

Lynch joined Kevin M.

Lynch, the innovator, president, and CEO of justness Quell Foundation, a nonprofit coordination whose mission is to pull out the stigma around mental unhinged and reduce the number good buy suicides, overdoses, and incarceration give those with mental illness, increase by two 2015.^[11][45] The two first reduction in the early 1980s like chalk and cheese enrolled in college, and after reconnected in the early 2000s.^[46]

In a 2020 interview, Lynch thought, “Outside of work, I produce time for physical fitness, reprove running is one of downhearted favorite pastimes.

Running helps conclusive to unwind and clear ill at ease mind—many times, my greatest meaning come from an exhilarating run.”^[47]

References

External links