Cheryl Pegus, M.D., will depart Walmart for Morgan Health, the company announced Monday.
Pegus, who served as Walmart's executive vice president for health and wellness, will join the healthcare arm of JPMorgan Chase as a managing director. In this role, she'll work closely with Morgan Health's investment team and build on its accountable care strategy, including a focus on population health and addressing gaps in care across multiple diseases.
Morgan Health will invest $250 million in JPMorgan capital with the goal of improving employer healthcare, and to date has deployed $105 million into multiple companies including Vera Whole Health, Embold Health, Centivo and LetsGetChecked.
“Health care innovation continues to be very much needed, and I am excited to support this incredible Morgan Health team in accelerating offerings that improve outcomes,” Pegus said in the release. “Moving new science into practice, supporting consumers in understanding what’s available and needed to stay healthy, while assisting health care professionals in doing our best work can deliver on the Quadruple Aim.”
Pegus led Walmart's health and wellness efforts, joining the retail giant in late 2020. Under her leadership, the company continued to expand its health clinics while also launching virtual health platforms, playing a leading role in administering COVID-19 vaccinations and addressing high drug costs.
Key initiatives include the launch of ReliOn insulin, a low-cost alternative that has saved customers more than $15 million in insulin costs, as well as the creation of Walmart Virtual Care following the retailer's acquisition of MeMD.
Pegus will continue to serve as a senior adviser to Walmart, according to the announcement.
Prior to her time at Walmart, Pegus served as the president of consumer solutions and chief medical officer at Cambia Health Solutions, a Blues plan based in the Pacific Northwest. She also held leadership roles Walgreens, Johnson & Johnson, Pfizer and Aetna.
“Cheryl is one of the most respected leaders in health care and brings clinical and health care business expertise that will help accelerate the next phase of Morgan Health’s strategy around population health,” Dan Mendelson, CEO of Morgan Health, said in the release.
“She is also a cardiologist and health equity expert and will play a critical role in our work to invest in and scale companies that are making a meaningful difference in reversing the trend of chronic disease, particularly diabetes and heart disease, across the commercial market. She recognizes the opportunity that we have to improve health outcomes for our employees and the more than 150 million Americans who depend on employer-sponsored insurance.”