CVS Health (NYSE: CVS) has appointed a new president and CEO. David Joyner stepped into the role on Oct. 17, succeeding Karen Lynch. Joyner also joined the company’s board of directors.

“The Board believes this is the right time to make a change, and we are confident that David is the right person to lead our company for the benefit of all stakeholders, including customers, employees, patients and shareholders,” Roger Farah, executive chairman at CVS Health, said in a press statement. “To build on our position of strength, we believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create.” 

In addition to Joyner’s appointment, Farah was named executive chairman. Prior to this, he served as chairman of the board. 

Joyner — a 37 year health care and pharmacy benefit management veteran — recently served as executive vice president at CVS Health, and president at CVS Caremark.

“There is no greater honor than to lead a company whose mission and purpose are completely focused on improving health,” Joyner said in the statement. “I came back to CVS Health in 2023 because I believed I could give more to the company, and I take this opportunity today for the same reason. I am proud to continue working side by side with our 300,000 colleagues who are building a world of health around every consumer. Every day, CVS Health expands access, drives greater affordability, and achieves better health outcomes for more than 186 million people.”

The news of a major leadership change comes after several recent developments at the company.

In September, hedge-fund investor Glenview Capital Management reportedly met with executives at CVS Health. The purpose of the meeting was to find ways to improve operations, as financial performance underwhelmed.

Around that time CVS Health announced that it would lay off 2,900 workers, the majority of which affected corporate positions.

Earlier this month, Reuters reported that CVS Health was exploring a possible breakup of its business segments.

“CVS’ management team and Board of Directors are continually exploring ways to create shareholder value,” a CVS spokesperson told Reuters. “We remain focused on driving performance and delivering high quality health care products and services enabled by our unmatched scale and integrated model.”

In recent years, CVS Health dove into the senior care and home-based care space.

In 2023, CVS Health completed an $8 billion acquisition of Signify Health. That same year, the company also closed a $10.6 billion deal to purchase Oak Street Health.

Plus, the company’s venture capital arm — CVS Health Ventures — invested in WellBe Senior Medical at the start of this year.

In March, the company awarded more than $3 million in new grants to Phoenix organizations that were working to combat access to care issues, and address social determinants of health. Phoenix-based Home Assist Health was one of the grant recipients.