CVS Health has recently announced the permanent appointment of Tom Cowhey, previously serving as the Senior Vice President of Corporate Finance, as the company’s Chief Financial Officer. Cowhey assumed the role of interim CFO in October and has now been officially appointed to the position, as disclosed by CVS.
In a separate move, Mike Pykosz, the CEO of Oak Street Health and interim lead of Health Care Delivery, has been formally designated as the President of Health Care Delivery.
This change followed the October leave of absence taken by former CFO and president of health services, Shawn Guertin, due to unforeseen family health reasons. Guertin has held the positions of executive vice president, president, and CFO since May 2021.
Pykosz joined CVS Health following the acquisition of Oak Street Health on May 2, leveraging his role as CEO and co-founder to establish it as a leading multi-payer, value-based primary care platform. Within CVS Health, Pykosz has concentrated on managing Oak Street’s operations while contributing to the integration of CVS Health’s care-delivery assets.
Amidst a challenging business landscape, CVS Health reported robust earnings and revenue performance during the third quarter. The company recorded $2.3 billion in profit and saw a total revenue increase to $89.8 billion for the quarter, reaching $264 billion for the year, marking a 10.6% increase compared to the previous year. Additionally, the company generated $16.1 billion in cash flow from operations during this period.
Cowhey’s journey with CVS Health began in February 2022, previously serving as the CFO of Surgery Partners Inc. and holding various strategy and finance roles at Aetna, which merged with CVS in 2018. During his tenure at CVS Health, Cowhey supervised investor relations, corporate development, treasury, and finance operations, collaborating closely with Guertin and Lynch, CVS Health President and CEO, to steer the company’s overall financial strategy.
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