CVS Health has appointed Shawn Guertin as its new chief financial officer, bringing back a former executive from Aetna.
Guertin is a current board member of dialysis provider DaVita and TriNet Group payroll services company. He most recently served as CFO and chief enterprise risk officer of Aetna—the insurer that CVS owns—from January 2014 to May 2019. He succeeds Eva Boratto, who will be leaving CVS Health, and will assume the role on May 28.
Guertin will report to CEO Karen Lynch and become a member of the company's executive team.
"Shawn is an extraordinary leader with a proven track record of developing financial strategies to help companies drive transformation," Lynch said in a statement. "His deep and broad health care experience will be invaluable and I'm confident he will play an integral role as we transform CVS Health to become an even bigger part of consumers' everyday health."
Guertin will be responsible for all aspects of the company's financial strategy and operations, including accounting and financial reporting, investor relations, mergers and acquisitions, treasury and capital planning, investments, risk management, tax, budgeting and planning and procurement.
He will receive an annual base salary of $1.25 million and will be eligible to participate in CVS Health's annual bonus plan with a target annual cash bonus opportunity of 175% of his base salary, prorated for the 2021 performance year. Guertin will also receive a $1 million cash sign-on bonus and a one-time sign-on equity award with a grant date value of $3 million, which will vest over a period of three years.
His target annual equity award compensation will be $7 million, which for 2021 will be comprised of 75% performance stock units and 25% stock options.
"This is an exciting time for CVS Health," Guertin said in a statement. "No other company has both the strong business and the customer reach and relationships to transform health care at scale. The pandemic has changed how Americans want to receive care and I'm excited to help CVS Health lead in a rapidly evolving marketplace."