CVS replaces CEO as profits, share price suffer

Longtime CVS Health executive David Joyner has replaced Karen Lynch as CEO as the company struggles with declining profits and stock performance, with shares falling nearly 20% this year. CVS faces challenges with higher medical costs impacting its insurance unit, Aetna, and decreased consumer spending at its retail pharmacies. The company anticipates adjusted earnings of $1.05 to $1.10 per share in the third quarter, citing continued elevated medical cost pressures and preparing to report earnings on Nov. 6.

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