– USA, RI – CVS Health (NYSE:CVS) today announced that three additional Aetna directors with deep insurance company oversight experience – Edward J. Ludwig, Fernando Aguirre, and Roger N. 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 T. Bertolini, Aetna’s current Chairman and Chief Executive Officer, will bring the total number of CVS Health Board members to 16.
CVS Health also announced today that following the completion of the transaction, Eva C. 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 M. 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 J. Merlo, President and Chief Executive Officer. “We respect Shawn and wish him well.”
“We are delighted to welcome Fernando, Mark, Roger and Ed to the CVS Health Board,” said David W. 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.”
Mr. 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. Mr. 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. Mr. 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, Ms. 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.”
About Edward J. Ludwig
Mr. Ludwig has served on the Aetna Board since 2003 and has served as Aetna’s Lead Director since 2012. He has significant executive-level leadership and business expertise with more than 30 years of experience in the medical technology field, including serving for over ten years in each of the roles of Chief Executive Officer and Chairman of Becton, Dickinson and Company after serving as its Chief Financial Officer. He also has significant public company board experience serving on the board of several companies, including Boston Scientific Corporation, where he is currently the Lead Independent Director.
About Fernando Aguirre
Mr. Aguirre has served on the Aetna Board since 2011 and has extensive consumer products, global business and executive leadership experience, including as Chief Executive Officer and Chairman of Chiquita Brands International, Inc. from 2004 to 2012 and in several senior positions over 23 years at The Procter & Gamble Company. He also has served as an independent director on several other public company boards.
About Roger N. Farah
Mr. Farah has served on the Aetna Board since 2007 and has extensive business and leadership experience. He has developed strong marketing, brand management and consumer insights in his over 40 years in the retail industry, including as Co-Chief Executive Officer, Director and Executive Director of Tory Burch LLC and President, Chief Operating Officer, Director and Vice Chairman of Ralph Lauren Corporation. He also has extensive board experience serving on a number of public company boards and is currently the Chairman of the Board of Tiffany & Co.
About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs.
For more, visit https://www.cvshealth.com.
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