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CVS Health | 8-K: Current report

SEC announcement ·  Jan 5 13:00
Summary by Futu AI
CVS Health Corporation, a leading health solutions company, has announced several key leadership changes effective January 5, 2024. Tom Cowhey has been appointed as the new Executive Vice President and Chief Financial Officer, after serving as the interim CFO since October 13, 2023. Concurrently, Mike Pykosz has been named President of Health Care Delivery, following his interim role since the same date. These appointments follow the announcement that Shawn Guertin, who was on a personal leave of absence, will step down from his roles due to family health reasons and is expected to leave the company on May 31, 2024. In addition to these leadership updates, CVS Health reaffirmed its financial guidance for the full years 2023 and 2024 during a webcast with investors. The company expects its...Show More
CVS Health Corporation, a leading health solutions company, has announced several key leadership changes effective January 5, 2024. Tom Cowhey has been appointed as the new Executive Vice President and Chief Financial Officer, after serving as the interim CFO since October 13, 2023. Concurrently, Mike Pykosz has been named President of Health Care Delivery, following his interim role since the same date. These appointments follow the announcement that Shawn Guertin, who was on a personal leave of absence, will step down from his roles due to family health reasons and is expected to leave the company on May 31, 2024. In addition to these leadership updates, CVS Health reaffirmed its financial guidance for the full years 2023 and 2024 during a webcast with investors. The company expects its full-year 2023 Adjusted EPS to be in the upper half of the $8.50 to $8.70 guidance range and anticipates its full-year 2023 cash flow from operations to be at the upper end of the $12.5 billion to $13.5 billion range. For 2024, CVS Health projects a GAAP diluted EPS of at least $7.26 and an Adjusted EPS of at least $8.50, with a cash flow from operations guidance of at least $12.5 billion. The company also entered into a $3.0 billion accelerated share repurchase transaction and expects Medicare Advantage membership to grow by at least 800,000 in 2024. The financial closing procedures for 2023 are not yet complete, and the actual results may vary upon finalization.

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