CVS Health announced on Wednesday, Nov. 4, that it plans to split into two separate companies. The company said the separation would give each business more focus and flexibility as it works to make healthcare more affordable and accessible.
One company would focus on health insurance and healthcare services. It would include Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. David Joyner, CVS Health's current chairman and CEO, would lead this company.
The second company would be called CVS Pharmacy. It would run about 9,000 CVS retail pharmacy locations across the country, along with mail-order pharmacy services, MinuteClinic locations and Health100, its technology services business. Prem Shah, CVS Health's current group president, would serve as its CEO.
CVS Health said customers should not expect immediate changes. The company said the separation will not interrupt access to prescriptions, healthcare services, insurance benefits or other customer services.