Dive Brief:
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On Tuesday, CVS Health named Shawn Guertin, the former CFO and chief enterprise risk officer of health insurer Aetna, its new finance chief, effective May 28, 2021.
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Guertin will succeed Eva Boratto, who will be departing the Woonsocket, R.I.-based retail pharmacy chain after 11 years. Boratto became CFO of 2018, when CVS finalized its $70 billion acquisition of Aetna.
- Guertin, Aetna’s CFO at the time of the acquisition, was expected to move into the CVS CFO seat, but he declined, citing personal and family reasons, the company said at the time. He remained with Aetna until May 2019.
Dive Insight:
Guertin spent over 8 years at Aetna; prior to that, he led finance at Coventry Health Care, an Aetna subsidiary, for 12 years. He is a current board member of payroll-services firm TriNet Group and healthcare company DaVita Kidney Care.
Earlier this month, CVS shared it brought in $69 billion in revenue for the quarter ended March 31, a 3.5% year-over-year jump. It also reported a first-quarter net income of $2.22 billion, a $2 billion year-over-year jump.
The company told analysts it has administered over 70 million COVID-19 vaccines through April, according to Healthcare Dive, but it’s facing some criticism regarding its outsize amount of wasted doses.
