Drugstore operator’s concession follows recent replacement of its chief and leadership overhaul in its insurance unit
An activist hedge fund manager has secured four board seats at CVS Health just weeks after the largest US drugstore operator by revenues overhauled its executive leadership. The US healthcare group said on Monday that it would expand its board of directors to 16 from 12 under a deal with Glenview Capital Management. Larry Robbins, Glenview’s chief executive, will be one of the four new board members.
Glenview considered whether to launch a public proxy fight before the agreement was finalised, according to a person familiar with the matter. US retail pharmacies including CVS, Walgreens Boots Alliance and the now-bankrupt Rite Aid have been punished in the public markets after years of overexpansion and pressure from rival retailers and online pharmacies.
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