Amid layoffs and poor stock performance, America’s largest drug-store chain replaced CEO Karen Lynch with David Joyner, a longtime former executive who returned to the company from retirement last year.
The company also withdrew its 2024 forecast and gave an outlook for third-quarter earnings far below analyst estimates.
CVS shares were down 7 percent on Oct. 18, and down by nearly half from their 2022 highs, when the company benefited from COVID vaccine and CPR test sales. But stiff competition in retail pharmacy and rising costs in CVS’s large healthcare insurance business, among other things, have put the company in a tight spot….