CNN —
America’s largest drug store chain named a new chief executive officer on Friday, with longtime CVS Health executive David Joyner replacing Karen Lynch.
CVS also withdrew its 2024 profit forecast and advised investors against relying on the full-year guidance provided in August, citing higher medical cost pressures. Stock prices have dropped nearly 20% this year and fell sharply following the announcement.
The shakeup comes after a particularly challenging year for the company, marked by plummeting shares, sluggish growth and pressure from investors, among a litany of other woes.
In August,
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