CVS Health Q3 profit misses estimates, company names new leaders at 2 divisions
Shares jumped 13% at the opening bell as markets as a whole surged on an election that will send
Joyner named
CVS' insurance business has dragged on the company's performance and many see in Nelson an industry veteran who can provide a needed jolt.
“The new leadership announcement gives us hope that CVS is moving quickly to improve its business execution,” said
The company earned
The company said
That involves privately run versions of the federal government’s coverage program mainly for people age 65 and older.
The performance has drawn criticism from shareholders like the hedge fund
Glenview said last month that CVS Health’s struggles in Medicare Advantage “reflect the poor decisions and risk management of a select few.
“We believe these issues are quite fixable with strong leadership and appropriate (board) oversight and risk management,” Glenview said in a statement.
On the drugstore side,
The company also continues to deal with labor issues. Thousands of company employees in
The company also said earlier this fall that it will trim its workforce by about 2,900 people, or less than 1% of its total.
In October,
Shares of
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