CVS Caremark taps Ed DeVaney as president of PBM business

CVS Health has named Ed DeVaney president of the company’s Caremark pharmacy benefit management business. Named interim president in December 2024, he will report to Prem Shah, group president of CVS Health.

“Ed’s ability to build and grow a strong team culture, while prioritizing talent development, leads to strong business results,” said David Joyner, president and CEO of CVS Health. “His commitment shows every day in his deep understanding of our industry, his advocacy for our business, and a proven track record of anticipating and solving client needs.”

“I am honored to take on this role and to work with our dedicated colleagues who are focused on making prescription drugs more affordable and delivering better care to everyone we are privileged to serve,” DeVaney said. “The role of PBMs has never been more critical in achieving affordability and access to medicine in our country, and our drive to greater drug pricing transparency through innovation has never been more needed.”

[Read more: CVS Caremark defines future of pharmacy benefit management]

DeVaney joined CVS Health in 2005, growing his career across CVS Caremark and Aetna, most recently leading CVS Caremark sales and account management as president, Employer & Health Plans, where he was responsible for growing and retaining CVS Caremark’s customer base across the PBM’s lines of business. 

He also was responsible for its PBM marketing team. Before joining CVS Health, DeVaney managed client relationships at Hewitt Associates, focusing on healthcare consulting and benefits administration.

[Read more: CVS launches new pharmacy reimbursement model, brand for health services segment]