CVS Health, the nation’s largest drugstore chain, is shaking up its largest business. The company’s CVS Caremark pharmacy benefit management segment will now be run by Dr. Alan Lotvin, a corporate executive vice president. CVS Health said Wednesday that he will replace Derica Rice. CVS has been expanding its reach in the health care sector. Its Caremark business runs prescription drug plans for employers, insurers and other large companies.
The company acquired the health insurer Aetna more than a year ago and plans to use the new business to help it move deeper into providing health care services and managing customer care. It is bringing in former Concerto Healthcare executive Alec Cunningham to lead the Aetna insurance business. The latest changes come as the company beat Wall Street’s profit and revenue forecasts, though it gave a profit outlook that ranges mostly below analysts’ 2020 forecasts.