CVS Health (CVS) stock tumbled about 5% in Friday after the pharmacy and healthcare giant announced the replacement of 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Karen Lynch with David Joyner, a longtime company veteran who most recently ran Caremark, its 澳洲幸运5官方开奖结果体彩网:pharmacy benefit manager (PBM).

Joyner is taking the top job effective immediately, CVS said, as the company has weathered a difficult year of sales at its namesake pharmacies and problems with its 澳洲幸运5官方开奖结果体彩网:bets on Medicare coverage that have led it to lower 澳洲幸运5官方开奖结果体彩网:its full-year outlook 澳洲幸运5官方开奖结果体彩网:several times already.

CVS Board Says Was 'Right Time To Make a Change'

Newly appointed executive chairman Roger Farah said the board believes it was "the right time to make a change," and said Joyner's decades of experience with CVS "can help us more directly address the challenges our industry faces" and make necessary changes.

In addition to the CEO swap, CVS also provided preliminary guidance for third-quarter profit, projecting 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) between 3 cents and 8 cents, and adjusted EPS of $1.05 to $1.10. Analysts are expecting EPS of $1.27, and adjusted EP♒S of $1.69, according to consensus estimates compiled by Visible Alpha.

The company is set to report third-quarter earnings Nov. 6, and said the lackluster projections are connected to costs related to its Medicare operations and other one-time expenses like store closures.

The Wall Street Journal first reported the news that the CEO change was imminent, sending CVS stock lower Friday morning. The stock is down more than 20% this year.

UPDATE: This article has been updated to reflect n🙈ew share price information.