Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

CVS adds four new board members in deal with Glenview Capital

admin by admin
November 18, 2024
in Stock
0
CVS adds four new board members in deal with Glenview Capital
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

By Sriparna Roy

(Reuters) -CVS Health said on Monday it added four new members to its board including hedge fund Glenview Capital’s chief executive Larry Robbins as part of a standstill agreement with the activist investor.

Shares of CVS rose 2% to $54.30 in premarket trading.

The Rhode Island-based company, which has been facing pressure from investors including Glenview, is looking to improve its operations and shareholder value even as it combats with increased medical costs at its health insurance business.

Glenview, which has a 0.95% stake in the company as of Sept. 30, said its agreement with CVS included other confidential provisions. Two other activist shareholders, Third Point and Sachem Capital (NYSE:SACH), also have stakes of 0.13% and 0.28%, respectively, in the company as of Sept. 30.

“While having additional expertise as part of the company/Board is never a bad thing, we don’t think this really changes anything beyond where we think CVS had already started to point the ship,” said Michael Cherny, analyst at Leerink Partners.

CVS had earlier this month named Steve Nelson, a former UnitedHealth (NYSE:UNH) insurance head, to run its Aetna business.

This came a few weeks after the conglomerate replaced Karen Lynch as its CEO with David Joyner, as higher medical costs continued to plague its health insurance unit Aetna, and also executed a strategic review. Glenview had said at the time it supported the resignation of Lynch.

Robbins, who likes to be called a constructivist shareholder, had recently met with executives to push for changes. He did not call for a break up of CVS.

Three other executives from Glenview – Leslie Norwalk, Guy Sansone and Doug Shulman – will join Robbins on the CVS board, bringing the total members to 16.

This post appeared first on investing.com

Previous Post

Earnings call: Acme Corp reports mixed Q1 results, shares details on performance

Next Post

Brazil’s Embraer signs MoU to expand collaboration with Indonesia’s PTDI

admin

admin

Next Post
Brazil’s Embraer signs MoU to expand collaboration with Indonesia’s PTDI

Brazil’s Embraer signs MoU to expand collaboration with Indonesia’s PTDI

Trending News

US probes China’s growing influence in legacy chips

US probes China’s growing influence in legacy chips

December 17, 2024
Long AMCR: Amcor Plc Surges Past $10 Mark Post-Earnings, Eyes $10.60 Resistance

Long AMCR: Amcor Plc Surges Past $10 Mark Post-Earnings, Eyes $10.60 Resistance

February 5, 2025
US awards Moderna $590 million for bird flu vaccine development

US awards Moderna $590 million for bird flu vaccine development

January 18, 2025
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.