CVS Health on Wednesday announced the management team chosen to lead the company after its merger with insurer Aetna closes.
Under $69 billion deal, which was first announced in December and still must secure approval from state and federal regulators, Aetna will become a stand-alone business unit within pharmacy giant CVS. The deal is expected to close in the second half of 2018. Several Aetna executives were tapped for management roles at the combined company.
Aetna President Karen Lynch will stay on as president of the Aetna business unit after the merger closes, CVS said. She was also named an executive vice president of CVS.
Shawn Guertin, Aetna's chief financial officer and chief enterprise risk officer, will become executive vice president and CFO of CVS. CVS' current CFO, David Denton, has elected to leave the company when the deal closes.
Fran Soistman, executive vice president and head of government services at Aetna, will continue in that role at the combined company, leading the Medicare, Medicaid and federal plans businesses. Aetna executive Richard di Benedetto will also continue in his current position as president of Aetna International.
Rick Jelinek, head of enterprise strategy at Aetna, will be named executive vice president of CVS to lead the combined company's integration.
CVS named a few other Aetna executives who will depart the company once the deal closes. Others, including Aetna Chief Medical Officer Dr. Harold Paz, will stay on "for a period of time" to assist with the transition, CVS said.
It was previously announced that Aetna CEO Mark Bertolini and two other Aetna directors would be added to CVS' board of directors.
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