CVS Health has announced further leadership appointments as the healthcare giant navigates choppy financial waters.
Len Shankman will step into the role of president for pharmacy and consumer wellness, CVS announced. Shankman, who has risen up the ranks of CVS' pharmacy division since 2002, will lead strategy for the company's retail pharmacies and stores.
Beyond prior experience in the pharmacy unit, Shankman also held leadership roles in CVS Specialty and its Coram infusion segment, the company said.
“Len has a deep knowledge of our Pharmacy and Consumer Wellness business and our company, and his focus on strategy execution, operational strength, and financial performance will help us continue to lead in the market,” said CVS Health President and CEO David Joyner. “His disciplined, strategic guidance will further position CVS Pharmacy as a trusted resource for the communities we serve.”
In addition to Shankman's appointment, CVS revealed that Lucille Accetta has been tapped as its chief pharmacy officer. In this position, she'll lead the charge in advocating for the role of the pharmacist and in finding ways to leverage their expertise across CVS' enterprise.
Accetta first joined the CVS Health team in 2017 and since then has held leadership roles within the specialty pharmacy division, according to the announcement. In addition to her experience within CVS, Accetta has also served in leadership roles at Teva Pharmaceuticals, Rx Ally, Express Scripts and Medco.
In the release, CVS pointed to "positive trends" in its pharmacy business such as owning a record-high share of retail pharmacy prescriptions at 27.3%. The company also noted that it was continuing to make progress with clients for its CostVantage model.
That said, CVS has faced significant financial hurdles of late and, in late 2021, said it planned to close 900 stores over the next three years. It's also run into major headwinds at its Aetna unit, particularly in Medicare Advantage.