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CVS Health has named former UPS executive Brian Newman as its new chief financial officer, the Woonsocket, R.I.-based pharmacy retailer announced Tuesday. Newman will replace Thomas Cowhey, who has held the role since January 2024.
Newman will assume the position on April 21. Cowhey will transition to a strategic advisor role to CVS Health President and CEO David Joyner, effective May 12.
CVS also announced the appointment of Dr. Amy Compton-Phillips as executive vice president and chief medical officer, starting May 19. She replaces Dr. Sreekanth Chaguturu, who was promoted in November to executive vice president and president of Health Care Delivery for CVS Health.
The leadership changes are part of an ongoing executive restructuring led by Joyner, who was named CEO of the company in October 2024 as CVS works to rebound from a challenging financial year.
Despite the shakeup, CVS said it expects to “meet or exceed” its previously issued financial guidance for 2025. In February, the company reported projected cash flow from operations of approximately $6.5 billion for the full year. CVS said total revenue rose 4.2% to $97.7 billion during the fourth quarter.
The company had missed earnings targets for the first three quarters of 2024 and withdrew its annual forecast in October.
“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 in a statement. “Their collective and individual experience and expertise are well suited to CVS Health and we welcome them both to our leadership team.”
Joyner also praised Cowhey’s leadership, noting he “stepped up during a challenging year and helped position our enterprise for long-term growth opportunities.”
Newman most recently served as executive vice president and CFO at United Parcel Service. Before that, he spent 26 years in executive roles at PepsiCo.
Compton-Phillips was most recently chief physician executive at healthcare performance improvement company Press Ganey. A board-certified internist, she previously held leadership roles at Providence Health & Services and Kaiser Permanente.
CVS Health operates more than 9,000 retail pharmacy locations around the country and more than 1,000 walk-in and primary care medical clinics. The company has more than 90 million plan members under its pharmacy benefits manager program.