<a href="/topics/cvs-health/">CVS Health</a> CEO Karen Lynch has stepped down with company shares down 19% and the national drugstore chain struggling.

Lynch will be replaced by David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs.

Joyner most recently served as executive vice president of <a href="/topics/cvs-health/">CVS Health</a>, and president of <a href="/topics/cvs-caremark/">CVS Caremark</a>.

The company said it now anticipates third-quarter adjusted earnings of $1.05 to $1.10 per share, citing higher-than-expected medical cost trends. Analysts polled by FactSet predict earnings of $1.69 per share.

<a href="/topics/cvs-health/">CVS Health</a> also announced on Friday that Chairman Roger Farah will now be executive chairman.

Shares tumbled more than 12% before the market open.

CVS Health CEO Karen Lynch has stepped down with company shares down 19% and the national drugstore chain struggling.{ai:summary}<p>CVS Health CEO Karen Lynch has resigned as the company faces a 19% decline in shares and rising medical costs. David Joyner, previously executive vice president, will take over leadership amid challenging financial forecasts.</p><p>The company now expects third-quarter earnings of $1.05 to $1.10 per share, significantly lower than analyst predictions. Chairman Roger Farah has transitioned to the role of executive chairman. #economy</p>

CVS Health CEO Lynch steps down, Joyner named to the post

Loading...