CVS Health deals with changes in leaders and lower profits as costs go up.

CVS Health had to lower its expectations for 2024 again. This is the third time this year they've had to do this because their insurance business is not doing well. The company's CEO, Karen Lynch, will now be in charge of the insurance part of the business.

One of the main problems is that more people are using their Medicare Advantage plans, which is costing CVS Health more money. These plans are for people who are 65 years old and older, and they are run by private companies instead of the government.

On top of that, the quality ratings for these plans have gone down, and CVS Health is also facing pressure from Medicaid. As a result, the company's profit from its health insurance business dropped by a lot.

To save money, CVS Health is planning to cut $2 billion from its budget over the next few years. They will try to do this by using more technology and also by closing some of their stores.

CVS Health already closed many stores and is planning to close more. Investors were not happy about the news, and the company's stock price went down.