CVS Health Appoints Ed DeVaney as President of CVS Caremark

WOONSOCKET, R.I., Feb. 17, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) today announced the appointment of Ed DeVaney as President of CVS Caremark, the company's pharmacy benefit management (PBM) business. DeVaney, who previously served as interim president since December 2024, will report to Prem Shah, Group President of CVS Health.

Ed DeVaney brings a wealth of experience and a proven track record to his new role. With over 20 years at CVS Health, DeVaney has held various leadership positions across CVS Caremark and Aetna. Most recently, he led CVS Caremark's sales and account management as President of Employer & Health Plans, where he was responsible for growing and retaining the customer base across the PBM's lines of business, including government services and coalitions. He also oversaw the PBM Marketing team.

In his new role, DeVaney will focus on making prescription drugs more affordable and driving greater drug pricing transparency through innovation. His appointment comes at a critical time for the PBM industry, as rising healthcare costs and the challenges of managing high-cost medications like GLP-1s require innovative solutions.

CVS Health President and CEO David Joyner praised DeVaney's ability to build and grow a strong team culture while prioritizing talent development. "His commitment shows every day in his deep understanding of our industry, his advocacy for our business, and a proven track record of anticipating and solving client needs," Joyner said.

DeVaney expressed his honor in taking on the role and his commitment to working with colleagues focused on making prescription drugs more affordable and delivering better care to everyone CVS Caremark serves. He recognized the critical role of PBMs in achieving affordability and access to medicine in the country and emphasized the need to drive greater drug pricing transparency through innovation.

CVS Health is the leading health solutions company, delivering care like no one else can. With over 300,000 dedicated colleagues, including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners, CVS Health reaches more people and improves the health of communities across America through its local presence, digital channels, and health services. The company helps people manage chronic diseases, stay compliant with their medications, and access affordable health and wellness services in the most convenient ways. CVS Health helps people navigate the healthcare system by improving access, lowering costs, and being a trusted partner for every meaningful moment of health.

As CVS Health continues to evolve and adapt to the changing healthcare landscape, the appointment of Ed DeVaney as President of CVS Caremark signals the company's commitment to driving innovation and delivering value to its customers and shareholders. With his extensive experience and proven leadership, DeVaney is well-positioned to lead CVS Caremark in its mission to make prescription drugs more affordable and enhance drug pricing transparency through innovation.