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CVS Health CEO Karen Lynch steps down, replaced by David Joyner, after 19% stock plunge

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CVS Health said Friday CEO Karen Lynch has stepped down after the pharmacy chain once again warned its earnings will fall short of Wall Street’s forecasts. Lynch will be replaced by CVS Caremark president David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs.

CVS, which had cut its financial expectations for the third time in August, said Friday that its third-quarter earnings will fall short of expectations. 

Shares fell $6.27, or 9.9%, to $57.40 in pre-market trading, a decline that comes after the stock had already shed 19% this year.

Earlier this month, CVS said it planned to cut 2,900 workers to reduce costs as it struggles with cutbacks from inflation-weary consumers, with shoppers paring their spending on non-prescription items, as well as financial pressures from the pharmacy side of its business. 

Joyner, who will also join the company’s board, most recently served as executive vice president of CVS Health, and president of CVS Caremark. He led the pharmacy services business, which provides solutions to employers, health plans and government entities and serves approximately 90 million members through Caremark, CVS Specialty, and other areas. Joyner has 37 years of health care and pharmacy benefit management experience.

CVS Health also announced on Friday that Chairman Roger Farah will now be executive chairman.

“We believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create,” Farah said in a statement.

Earnings shortfall

The Woonsocket, Rhode Island company’s preliminary forecast is for third-quarter adjusted earnings of $1.05 to $1.10 per share, citing higher-than-expected medical cost trends. Analysts polled by FactSet predict earnings of $1.69 per share.

Back in August CVS Health changed the leadership of its health insurance business as it continued to deal with escalating costs. At the time, the company named Lynch to lead its insurance segment, replacing Executive Vice President Brian Kane, who is left the company about a year after arriving.

Rising claims from the company’s Medicare Advantage coverage have hurt CVS Health for much of this year and contributed to repeated trimmings of its outlook for 2024. Medicare Advantage plans are privately run versions of the federal government’s coverage program mainly for people age 65 and older.

CVS Health also said in August that it has been hurt by a drop in quality ratings for those plans and pressure from Medicaid coverage it manages in several states.



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10/18: CBS Evening News – CBS News

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Harris, Trump trade barbs while campaigning in Michigan; Missouri community inspired to name school building after its dedicated custodian

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King Charles III travels to Australia for first royal visit since cancer diagnosis

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King Charles III and Queen Camilla arrived in Sydney on Friday for the first Australian visit by a reigning monarch in more than a decade, a trip that has rekindled debate about the nation’s constitutional links to Britain.

The Sydney Opera House’s iconic sails were illuminated with images of previous royal visits to welcome the couple, whose six-day trip will be brief by royal standards. Charles, 75, is being treated for cancer, which led to the scaled-down itinerary.

Charles and Camilla were welcomed in light rain at Sydney Airport by Prime Minister Anthony Albanese, New South Wales state Premier Chris Minns and the king’s representative in Australia, Governor-General Sam Mostyln.

King Charles III And Queen Camilla Visit Australia And Samoa - Day One
King Charles III and Queen Camilla are greeted by Sam Mostyn, governor-general of the Commonwealth of Australia, as they arrive at Sydney Airport on Oct. 18, 2024, in Sydney, Australia. The King’s visit to Australia is his first as monarch.

Victoria Jones/Shutterstock / Getty Images


Charles is only the second reigning British monarch to visit Australia. His mother, Queen Elizabeth II, became the first 70 years ago.

While the welcome has been warm, Australia’s national and state leaders want the royals removed from their constitution.

Monarchists expect the visit will strengthen Australians’ connection to their sovereign. Opponents hope for a rejection of the concept that someone from the other side of the world is Australia’s head of state.

The Australian Republic Movement, which campaigns for an Australian citizen to replace the British monarch as head of state, likens the royal visit to a touring act in the entertainment industry.

The ARM this week launched what it calls a campaign to “Wave Goodbye to Royal Reign with Monarchy: The Farewell Oz Tour!”

ARM co-chair Esther Anatolitis said royal visits to Australia were “something of a show that comes to town.”

“Unfortunately, it is a reminder that Australia’s head of state isn’t full-time, isn’t Australian. It’s a part-time person based overseas who’s the head of state of numerous places,” Anatolitis told the AP.

“We say to Charles and Camilla: ‘Welcome, we hope you’re enjoying our country and good health and good spirits.’ But we also look forward to this being the final tour of a sitting Australian monarch and that when they come back to visit soon, we look forward to welcoming them as visiting dignitaries,” she added.

Philip Benwell, national chair of the Australian Monarchist League, which campaigns for Australia’s constitutional links to Britain to be maintained, expects reaction to the royal couple will be overwhelmingly positive.

“Something like the royal visit brings the king closer in the minds of people, because we have an absent monarchy,” Benwell told the AP.

“The visit by the king brings it home that Australia is a constitutional monarchy and it has a king,” he added.

Benwell is critical of the premiers of all six states, who have declined invitations to attend a reception for Charles in the national capital Canberra.

The premiers each explained that they had more pressing engagements on the day such as cabinet meetings and overseas travel.

“It would be virtually incumbent upon the premiers to be in Canberra to meet him and pay their respects,” Benwell said. “To not attend can be considered to be a snub, because this is not a normal visit. This is the first visit of a king ever to Australia.”

Charles was drawn into Australia’s republic debate months before his visit.

The Australian Republic Movement wrote to Charles in December last year requesting a meeting in Australia and for the king to advocate their cause. Buckingham Palace politely wrote back in March to say the king’s meetings would be decided upon by the Australian government. A meeting with the ARM does not appear on the official itinerary.

“Whether Australia becomes a republic is…a matter for the Australian public to decide,” said the letter from Buckingham Palace.

The Associated Press has seen copies of both letters.

Australians decided in a referendum in 1999 to retain Queen Elizabeth II as head of state. That result is widely regarded as a consequence of disagreement about how a president should be chosen rather than majority support for a monarch.

After visiting Sydney and Canberra, which are 155 miles apart, Charles will then travel to Samoa to open the annual Commonwealth Heads of Government Meeting.

When his mother made the last of her 16 journeys to Australia in 2011 at the age of 85, she visited Canberra, Brisbane and Melbourne on the east coast before opening the Commonwealth Heads of Government Meeting in the west coast city of Perth.

Elizabeth’s first grueling Australian tour at the age of 27 took in scores of far-flung Outback towns; an estimated 75% of the nation’s population turned out to see her.

Australia then had a racially discriminatory policy that favored British immigrants. Immigration policy has been non-discriminatory since 1973.

Anatolitis noted that Australia is far more multicultural now, with most of the population either born overseas or with a overseas-born parent.

“In the ’50s, we didn’t have that global interconnectedness that we have now,” she said. 

In February, Buckingham Palace announced that Charles was being treated for an unspecific form of cancer, disclosing that it was discovered while doctors were treating an enlarged prostate. After pausing public appearances for three months, Charles resumed royal duties in April. 

In March, Kensington Palace reported that Charles’ daughter-in-law, Catherine, Princess of Wales, had also been diagnosed with an unspecified form of cancer which was discovered during abdominal surgery. In September, Catherine announced that she had completed chemotherapy treatments, and “doing what I can to stay cancer free is now my focus.” 



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Paul Whelan on his lowest point in Russian custody

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Paul Whelan on his lowest point in Russian custody – CBS News


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Paul Whelan, the former Marine who was wrongfully detained in Russia for nearly six years, spoke to CBS News in his first interview since his release in August as part of a complex prisoner swap. Whelan described the frustration he felt when he learned in 2022 that he would not be freed as part of the deal that saw the release of basketball star Brittney Griner.

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