CVS taps Aetna executive Karen Lynch as next CEO

CVS Health Corp. has tapped Karen Lynch to succeed retiring CEO Larry Merlo, a pharmacist by trade who has led the company for the past decade. Lynch, who currently heads the company’s Aetna insurance division, is scheduled to take the helm on February 1, which will make CVS the largest firm by revenue to have a female CEO. The planned changeover comes as CVS continues to see the rewards of its 2018 acquisition of Aetna, including revenue and market capitalization gains. It also coincides with the chain’s ongoing transition from a retail business to a health care provider and its newfound roles in the context of the COVID-19 pandemic. CVS is already the largest retail provider of coronavirus tests, and executives say they are preparing the company to become a major vaccine provider once one becomes available. Diagnostic testing has already helped the bottom line, as CVS reported a 3.5% jump in sales to $67.06 billion in the latest quarter.