CVS Health announces Pharmacy and Consumer Wellness leadership appointments

Rhea-AI Summary

CVS Health has announced key leadership appointments in its Pharmacy and Consumer Wellness division. Len Shankman has been named president of Pharmacy and Consumer Wellness (PCW), overseeing front store and retail pharmacy operations across 9,000+ CVS Pharmacy locations. Lucille Accetta has been appointed chief pharmacy officer. Both will report to Prem Shah, group president. The company recently reported positive trends, including a record-high retail pharmacy prescription share of 27.3% and significant progress in transitioning to the CVS CostVantage model, with agreements covering over half of total commercial prescriptions.

Positive

• Record-high retail pharmacy prescription share of 27.3%
• Successful transition to CVS CostVantage model with agreements covering >50% of commercial prescriptions
• Strategic expansion of leadership team to strengthen pharmacy and retail operations

Negative

• None.

Insights

Market Research Analyst

The leadership appointments at CVS Health, while appearing routine, carry strategic significance given the company's recent market performance. The 27.3% retail pharmacy prescription share marks a record high, indicating strong market positioning. The progress in implementing the CVS CostVantage model, now covering over 50% of commercial prescriptions, suggests a successful transition in their pricing strategy.

Shankman's appointment, with his financial background and specialty pharmacy experience, signals a continued focus on operational efficiency and digital transformation. The strategic emphasis on digitally-led experiences aligns with current healthcare consumer trends and could strengthen CVS's competitive position against both traditional competitors and digital healthcare disruptors.

WOONSOCKET, R.I., Dec. 3, 2024 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced that Len Shankman will be president, Pharmacy and Consumer Wellness (PCW), reporting to Prem Shah, group president, CVS Health. In addition, the company announced the appointment of Lucille Accetta, RPh, MPH, MBA as chief pharmacy officer, also reporting to Shah. Both appointments are effective immediately.

As president, Pharmacy and Consumer Wellness, Shankman will oversee the front store and retail pharmacy businesses across the company's more than 9,000 CVS Pharmacy locations. In his new role, Shankman will lead the team in continuing to deliver integrated digitally-led experiences that address consumer's health and wellness needs when and where they need us.

Shankman joined CVS Health in 2002 and has held positions of increasing responsibility, most recently serving as senior vice president and chief financial officer, Pharmacy and Consumer Wellness. Shankman has also held leadership positions in the company's Specialty Pharmacy business and as general manager for Coram, the CVS Specialty infusion business. Before joining CVS Health, Shankman served in the United States Navy.

"Len has a deep knowledge of our Pharmacy and Consumer Wellness business and our company, and his focus on strategy execution, operational strength, and financial performance will help us continue to lead in the market," said CVS Health president and CEO David Joyner. "His disciplined, strategic guidance will further position CVS Pharmacy as a trusted resource for the communities we serve."

As chief pharmacy officer, Accetta will advocate for the role of the pharmacist in health care and will be responsible for creating and implementing strategic opportunities to connect our pharmacy assets across the CVS Health enterprise. She will also continue to oversee the Specialty Pharmacy, Coram and Omnicare businesses in her role as senior vice president, Specialty Pharmacy Operations.

Since joining CVS Health in 2017, Accetta has held roles with increasing responsibility within the Specialty Pharmacy business. Prior to joining the company, she held leadership roles at Teva Pharmaceuticals, Rx Ally, Express Scripts and Medco, building her skills in patient services management, pharmacy product development and clinical operations.

"Our specialty pharmacy is entrusted with the care of people who are facing challenging and complex diagnoses, and Lucille leads with heart, driving the operational excellence our patients deserve along with instilling in our team an unwavering focus on caring for patients," said Joyner. "Her passion and commitment to the practice of pharmacy make her an excellent advocate for the profession."

On its most recent earnings call, the company highlighted recent positive trends in the Pharmacy and Consumer Wellness business:

• Our performance reflects strong execution and the benefit of strategic investments in both our workflows and our colleagues.
• We have achieved record high retail pharmacy prescription share of 27.3 percent.
• We continue to progress in the transition to the CVS CostVantage model, having reached agreements covering more than half of our total commercial prescriptions.

About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of September 30, 2024, the Company had more than 9,000 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 36 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.

Media contact 
Ethan Slavin
860-273-6095
Ethan.Slavin@CVSHealth.com

Investor contact
Larry McGrath
800-201-0938
InvestorInfo@CVSHealth.com

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SOURCE CVS Health

FAQ

Who is the new president of Pharmacy and Consumer Wellness at CVS Health (CVS)?

Len Shankman has been appointed as president of Pharmacy and Consumer Wellness (PCW) at CVS Health, overseeing front store and retail pharmacy operations across more than 9,000 CVS Pharmacy locations.

What is CVS Health's (CVS) current retail pharmacy prescription share?

CVS Health has achieved a record high retail pharmacy prescription share of 27.3 percent.

How much progress has CVS Health (CVS) made with the CostVantage model transition?

CVS Health has reached agreements covering more than half of their total commercial prescriptions in the transition to the CVS CostVantage model.

Who is the new chief pharmacy officer at CVS Health (CVS)?

Lucille Accetta has been appointed as chief pharmacy officer at CVS Health, responsible for creating and implementing strategic opportunities to connect pharmacy assets across the CVS Health enterprise.