WOONSOCKET, R.I. (WLNE) — CVS announced today that CEO Karen Lynch has stepped down admit their financial struggles, with their shares now down to 19 percent. Lynch will be replaced by President and Chief Executive Officer, David Joyner. According to a release, Joyner was most recently executive vice president, CVS Health, and president, CVS Caremark. Joyner 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. The release states that Joyner has 37 years of health care and pharmacy benefit management experience, and has also served on the boards of several private equity-backed health care companies. He began his career at Aetna as an employee benefit representative before joining Caremark Prescription Services as a regional sales manager. Joyner then served as executive vice president of sales and account services at CVS Caremark and executive vice president of sales and marketing at CVS Health. The release further states that their preliminary forecast for the third-quarter has been adjusted from $1.05 to $1.10 earnings per share. The company is citing higher-than-expected medical cost trends. Categories: News