CVS Health is trimming its board of directors, and former Aetna CEO Mark Bertolini didn't make the cut.
Bertolini, who joined the CVS board after the pharmacy giant bought insurer Aetna for $70 billion in 2018, said he is being pushed off the board despite being willing to stay, the Wall Street Journal reported Monday.
Bertolini told the Journal that integration between CVS and Aetna isn't nearly complete. CVS suggested otherwise in a Monday news release announcing the board changes. In that release, the company said Bertolini would be leaving following the "successful integration" of Aetna.
"With the bulk of the integration behind us and the Aetna business performing strongly, the board felt it was the right time for Mark to focus on his other endeavors," a CVS spokesman said to Modern Healthcare.
CVS' share price dipped about 1.3% after the news.
In addition to Bertolini, CVS said it is cutting two other board seats as it reduces its director roster from 16 to 13.
