Business
Glenview Capital Issues Statement on CVS Health
One year ago, we established a concentrated position in shares of CVS Health (NYSE: CVS). Since our purchases in May 2024, CVS shares have generated a total return of 25% reflecting initial progress in the long-term cultural and operational turnaround underway at the Company. Our position size afforded us the scale necessary to constructively engage with the Board, Management, and fellow Shareholders in Q3 2024 on a multi-faceted performance improvement plan:
About this update from Cvs Health Corporation
[{"type":"text","content":"NEW YORK, May 6, 2025 /PRNewswire/ -- One year ago, we established a concentrated position in shares of CVS Health (NYSE: CVS). Since our purchases in May 2024, CVS shares have generated a total return of 25% reflecting initial progress in the long-term cultural and operational turnaround underway at the Company. Our position size afforded us the scale necessary to constructively engage with the Board, Management, and fellow Shareholders in Q3 2024 on a multi-faceted performance improvement plan:","length":517,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Board Refreshment – The Board welcomed four new Directors including Larry Robbins, Glenview's CEO, and recently appointed a strong Lead Independent Director. The entire Board is operating cooperatively and cohesively;","length":232,"tagName":"p"}]},{"val":[{"type":"text","content":"Strengthening Culture and Leadership – CVS's leadership has undergone significant transformation under new CEO David Joyner's leadership, combining internal promotion with external recruitment while strengthening a customer-centric, accountable culture;","length":266,"tagName":"p"}]},{"val":[{"type":"text","content":"Operational Intensity – CVS exceeded consensus earnings expectations over the past two quarters and has seen operating strength and early signs of recovery across its businesses;","length":183,"tagName":"p"}]},{"val":[{"type":"text","content":"Risk Management – The Company has suspended material acquisitions, committed to deleveraging, strengthened its insurance reserve levels and established a clear path to sustainable returns on capital that will fuel future customer service and benefit stability;","length":265,"tagName":"p"}]},{"val":[{"type":"text","content":"Portfolio Enhancement and Innovation – CVS has exited or transitioned certain lines of business where economics prevent a sustainable commitment to customers while leading the industry with transparent and value-added solutions to reduce cost and complexity; and","length":267,"tagName":"p"}]},{"val":[{"type":"text","content":"Opportunistic Capital Deployment – In combination, CVS has marched closer to the time in which share repurchase can be both a responsible consideration and a creator of long-term shareholder value.","length":202,"tagN...