CVS Health names Ed DeVaney president of Caremark

CVS Health has appointed Ed DeVaney as president of its Caremark pharmacy benefit management business, officially confirming his interim role that began in December 2024. DeVaney, who has been with CVS since 2005, previously led sales and account management within the company and is recognized for building strong team cultures and driving business results. His appointment comes amid a series of leadership changes at CVS as the company grapples with rising medical costs and increased scrutiny of pharmacy benefit managers (PBMs) from lawmakers and regulators. CVS President and CEO David Joyner emphasized the crucial role of PBMs in negotiating drug prices and ensuring affordability. DeVaney expressed his commitment to making prescription drugs more affordable and enhancing access to care. The company has shown signs of financial recovery, reporting better-than-expected earnings in the fourth quarter despite previous profit declines.