Table of Contents
WOONSOCKET, R.I. – CVS Health announced that three additional Aetna directors with deep insurance company oversight experience — Edward Ludwig, Fernando Aguirre and Roger Farah — will join the CVS Health Board following the completion of its acquisition of Aetna. The appointment of these three Aetna directors, together with the previously announced addition of Mark Bertolini, Aetna’s current chairman and chief executive officer, will bring the total number of CVS Health Board members to 16.
Larry Merlo
CVS Health also announced today that following the completion of the transaction, Eva Boratto, currently CVS Health’s executive vice president – controller and chief accounting Officer, will become executive vice president and chief financial officer of CVS Health. Shawn Guertin has decided to step away for personal and family reasons, but will remain with CVS Health until June 2019 to help the combined company with integration and financial planning strategy. As previously disclosed, Aetna will be managed as a distinct operating entity within the CVS Health organization.
“While this was a highly personal decision for Shawn, he is reassured with the knowledge that the company has an extremely strong finance team. During pre-close integration work, Shawn came to value the depth and breadth of talent in the CVS Health finance organization that will be complemented by the deep and talented bench in the Aetna finance group,” said Larry Merlo, president and CEO. “We respect Shawn and wish him well.”
“We are delighted to welcome Fernando, Mark, Roger and Ed to the CVS Health Board,” said David Dorman, chairman of CVS Health. “Our shareholders will benefit from the depth of their knowledge of Aetna’s business and their complementary expertise, which will be essential to the combined company as we transform the way health care is delivered in America.”
Ludwig joined the Aetna Board of Directors in 2003 and has served as Lead Director since 2012. He also is a member of the executive, investment and finance, nominating and corporate governance, and compensation and talent management committees. Farah joined the Aetna Board in 2007 and chairs the compensation and talent management committee, and he is a member of the executive and investment and finance committees. Aguirre joined the Aetna Board in 2011 and chairs the nominating and corporate governance committee, and he is a member of the executive and audit committees. The terms of Messrs. Aguirre, Bertolini, Farah and Ludwig on the CVS Health Board will begin immediately after the closing of the Aetna acquisition.
Eva Boratto has an extensive financial background that spans more than 20 years and includes senior positions in both the pharmaceutical manufacturing and PBM industries, along with other health care finance roles. She joined CVS Health in 2010 as senior vice President, PBM finance and most recently has served as CVS Health’s Executive Vice President – Controller and Chief Accounting Officer.
Prior to joining CVS Health, Boratto served in a number of executive positions at Merck & Co., including vice president, U.S. market finance leader, with responsibility for financial oversight of Merck’s U.S. pharmaceutical market, and vice president, investor relations.
“Eva is an exceptionally talented leader with broad financial experience and excellent management capabilities who, during her nearly ten years at CVS Health, has served as a trusted advisor to me and to our board of directors,” Merlo said. “With knowledge of our business and of all aspects of the financial function of a multi-faceted organization, she will play a vital role in both our integration work and in our efforts to drive needed change in our health care system to deliver both near and long-term value for our shareholders.”
