CVS Health announced two leaders to permanently replace Shawn Guertin as CFO and head of healthcare delivery as Mr. Guertin prepares to resign.
Mr. Guertin took a leave of absence from his roles as CVS Health's CFO and president of health services in October for "unforeseen family health reasons," in the Woonsocket, R.I.-based company's words. Two leaders were named to fulfill his divided role in an interim capacity since then and will now fulfill the leadership roles permanently, effective immediately as of Jan. 5.
Tom Cowhey is the new CFO of CVS Health after most recently serving as senior vice president of corporate finance and interim CFO for the company. Mike Pykosz, CEO and co-founder of Oak Street Health, is the new president of healthcare delivery.
Mr. Cowhey joined CVS Health in February 2022. He previously served as CFO of Nashville, Tenn.-based Surgery Partners, an ASC and surgical hospital operator, and has spent more than a decade in strategy and finance roles with Aetna, which CVS acquired in 2018.
Mr. Pykosz joined CVS Health in May 2023 with its acquisition of Chicago-based Oak Street Health. He led the company as CEO since its founding in 2012. CVS Health said Mr. Pykosz has been focused on continuing to run the Oak Street Health business while also working to unify all of the enterprise's care delivery assets.
CVS Health said Mr. Guertin will step down from his roles "due to family health reasons." He will remain on personal leave and will leave the company on May 31, 2024. Mr. Guertin joined CVS in 2021. He previously spent eight years with Aetna as executive vice president, CFO and chief enterprise risk officer. In 2019, he stepped away from CVS Health shortly after it acquired Aetna for personal and family reasons.
The latest appointments come at a high-stakes time for CVS Health and the two leaders. The company announced in August 2023 that it is looking to trim $700 million to $800 million from its cost structure while also standing up 50 to 60 more Oak Street Health clinics in 2024.