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WOONSOCKET, R.I. — CVS Health said on Monday it has added four new members to its board including Glenview Capital's chief executive Larry Robbins, a hedge fund advocating for changes at the company.
The CVS Health board of directors said the four new board members are: Leslie Norwalk, Guy Sansone, and Doug Shulman and Larry Robbins, following productive discussions with Glenview Capital Management.
“In our discussions with the leadership at Glenview, we agreed that we can deliver greater value from our integrated businesses to all of our stakeholders, including our customers, consumers, colleagues, and shareholders,” said Roger Farah, executive chairman of the board, CVS Health. “Having Leslie, Larry, Guy, and Doug join our Board will add new thinking and deep market and industry experiences as we focus on driving greater financial and operational performance.”
“As we build momentum across our integrated model, we continue to take actions that are positive for our long-term success, while driving innovation and performance in our individual businesses and at CVS Health overall,” said David Joyner, president and chief executive officer of CVS Health. “Adding four experienced thought leaders to our Board further sharpens our focus on executing against our strategy to build a world of health around every consumer, as we improve total cost of care and customer experience in health care.”
“We welcome the opportunity to join the Board, roll up our sleeves and lock arms with the board and leadership team to drive long-term, sustainable value through continued customer-centric offerings, commitment to compliance and quality, disciplined underwriting and risk management, aligned incentives, and optimal capital allocation,” said Larry Robbins, CEO of Glenview Capital Management. “We appreciate the Board engaging with us on a cooperative basis that allows all energies to be productively dedicated towards further strengthening this iconic company.”
Norwalk will join the Health Services Committee, Sansone will join the Audit Committee, and Shulman will join the Management Planning and Development Committee.
With these four new directors, the board now comprises 16 members. In connection with the Board appointments, CVS Health and Glenview entered into a confidentiality agreement under which Glenview has agreed to customary confidentiality, standstill and other provisions. The confidentiality agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Norwalk serves as strategic counsel to health care companies through her roles at Epstein Becker Green, EBG Advisors, and National Health Advisors. She also advises several private equity firms and holds board positions at Arvinas, ModivCare, Neurocrine Biosciences, Globus Medical, as well as multiple privately held healthcare corporations.
Robbins is the founder, portfolio manager, and CEO of Glenview Capital Management and has 30 years of experience as an institutional investor with a significant healthcare focus.
Sansone is currently chairman and CEO of H2 Health, a leading regional provider of physical rehabilitation services and clinician staffing solutions. He brings more than 30 years of experience working as an advisor, investor and senior manager in companies where he helped to refine long-term strategy, enhance operations, and implement organic and inorganic growth plans.
Shulman has been the chairman of OneMain Holdings, Inc. since January 2021, and has served as CEO since 2018. Shulman has significant experience managing large, complex organizations at the intersection of technology, data and analytics.
