News Briefs: CVS to Close 300 Stores | Nov. 19, 2021

CVS Health Corp. on Nov. 18 unveiled executive moves, as well as new store formats designed to “drive higher engagement with customers.” The firm, which owns health insurer Aetna, will also close approximately 300 stores per year for the next three years. On the executive front, Prem Shah will fill the newly created role of chief pharmacy officer, and he and Michelle Peluso will become co-presidents of CVS Health’s retail business. Neela Montgomery, current executive vice president and president of CVS Retail/Pharmacy, will leave the company at the close of 2021. Meanwhile, CVS’s new store formats will include sites dedicated to offering primary care services and an enhanced version of HealthHUB locations, alongside traditional CVS Pharmacy locations, the company said.

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