CVS Health Chief Financial Officer Tom Cowhey will depart the role in yet another leadership shuffle at the company.
The healthcare giant is seeking to right the ship after a series of financial challenges, particularly at its Aetna health plan division. Cowhey will vacate the CFO chair as of May 12, and will shift to serving as a strategic adviser to CVS CEO David Joyner, according to an announcement from the company.
Brian Newman, who most recently served as the chief financial officer for the United Parcel Service, has been tapped as executive vice president and CFO-designate, which will take effect April 21. Before his five years at UPS, where he played a key role in steering the company through the COVID-19 pandemic, Newman spent 26 years in financial leadership roles at PepsiCo.
Joyner said in a statement that he and the company "wish [Cowhey] all the best in the future.”
"I am personally grateful for the leadership Tom has shown in his time at CVS Health, and before that, Aetna," Joyner said. "He stepped up during a challenging year, and helped position our enterprise for long-term growth opportunities."
In addition to the CFO shakeup, CVS announced that Amy Compton-Phillips, M.D., will join the company as executive vice president and chief medical officer. Compton-Phillips will step into the CMO role on May 19, and was most recently Press Ganey's chief physician executive.
Compton-Phillips also held clinical leadership positions at Providence and Kaiser Permanente, according to the announcement.
Joyner became CEO of CVS Health in mid-October following the departure of Karen Lynch. Since then, the company has made a number of leadership shifts as Joyner builds out his team. Former UnitedHealthcare CEO Steve Nelson was named as president of Aetna, while Mike Pykosz, who previously led Oak Street Health, departed CVS.
The company also made leadership changes at the helm of its pharmacy division, and named Ed DeVaney as president of its Caremark pharmacy benefit management unit.
“As I continue to build out my leadership team, I am confident that Brian and Amy will help us continue the momentum we have built over the past several months as we execute on our strategy to deliver better health care to the 185 million Americans we are privileged to serve,” said Joyner. “Their collective and individual experience and expertise are well-suited to CVS Health and we welcome them both to our leadership team.”