CVS Health announces chief financial officer transition plan; appoints chief medical officer
CVS Health today announced two leadership updates.
Brian Newman has been named executive vice president and chief financial officer designate, effective April 21. He will succeed current chief financial officer, Tom Cowhey, who will transition to serve as a strategic advisor to president and CEO David Joyner, effective May 12.
Amy Compton-Phillips, MD, is the company’s new executive vice president and chief medical officer, effective May 19, also reporting to Joyner.
Based on year-to-date results through February, the company currently expects financial results will meet or exceed its previously issued guidance for full year 2025. "Our financial closing procedures for the first quarter of 2025 are not yet complete and, as a result, expected results for the full year may change due to such financial closing procedures, final adjustments, management’s review of results, and other developments that may arise between now and the time our financial results for the first quarter of 2025 are finalized," the company said.
[Read more: CVS launches new pharmacy reimbursement model, brand for health services segment]
“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,” Joyner said. “Their collective and individual experience and expertise are well suited to CVS Health and we welcome them both to our leadership team.
Joyner continued, “I am personally grateful for the leadership Tom has shown in his time at CVS Health, and before that, Aetna. He stepped up during a challenging year, and helped position our enterprise for long-term growth opportunities. I wish him all the best in the future.”
“It is an honor to join CVS Health, its leadership team, and the Finance organization at such an important time in health care,” Newman said. “I am confident in our continued success and growth potential, and I look forward to putting my experience to work as we help our clients, customers, and colleagues succeed.”
[Read more: Glenview reportedly to meet top CVS brass, propose operational improvements]
“As a clinician, I see the best our health care system can do, and as an administrator, I have seen the challenges that stop us from doing our best all the time,” said Dr. Compton-Phillips. “CVS Health has every opportunity to deliver simply better health, and that starts with the patient-medical professional relationship. I am committed to making sure we do all we can to improve the experience and outcome of every person we serve.”
Newman was most recently executive vice president and chief financial officer of United Parcel Service. In his nearly five years of leadership, he delivered results that supported employees, customers, and communities, in particular helping lead the company through COVID-19 pandemic.
[Read more: CVS’ reported strategic review includes potential break-up, cutting workforce]
Before joining UPS, he spent 26 years with PepsiCo and served in finance leadership roles across Europe, Asia, and North and South America. He also served as executive vice president for PepsiCo's global operations and as chief strategy officer. Newman began his career as an investment banker at PaineWebber.
Dr. Compton-Phillips was most recently chief physician executive of Press Ganey, a healthcare performance improvement company. She has an extensive background in directing patient care programs and leading healthcare organizations to broad-based improvements. Prior to Press Ganey, she was the president and chief clinical officer at Providence Health & Services, a healthcare system, responsible for clinical operations and care including improving health, care, and value outcomes delivered by the system’s hospitals, clinics and caregivers. From 1985 to 2007, she held positions of increasing responsibility at Kaiser Permanente.
Dr. Compton-Phillips earned her bachelor’s degree from Johns Hopkins University and her medical degree from the University of Maryland School of Medicine. She is a board-certified internist.