CVS Health adds new members to its board during money problems.
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CVS Health has added four new people to their board, including the boss of a hedge fund. The hedge fund, Glenview Capital Management, had criticized CVS Health's performance. CVS Health talked with Glenview and then decided to make the board bigger.
Glenview owns a small part of CVS Health but thinks the company can do much better. Glenview's leader, Larry Robbins, will now be on the CVS Health board along with three other new members.
The new board members have lots of experience and will help CVS Health make more money. This change was expected because Glenview had bought part of CVS Health and said publicly that they wanted changes.
CVS Health runs a big drugstore chain, manages prescription drug plans, and has a health insurance business called Aetna. The insurance business has not been doing well, so CVS Health has been trying to fix it.
CVS Health also has a new CEO, David Joyner, who replaced Karen Lynch last month. After the announcement of the new board members, CVS Health's stock price went up.
Questions
Who is now on the CVS Health board?
Larry Robbins, the leader of Glenview Capital Management, is now on the CVS Health board along with three other new members.
Why did CVS Health make their board bigger?
CVS Health made their board bigger after talking with Glenview, who had criticized CVS Health's performance.
What is CVS Health trying to fix?
CVS Health is trying to fix its health insurance business, Aetna, which has not been doing well.
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