CVS Health makes board changes, drops three seats

CVS Health is changing up its board of directors, transitioning from 16 members to 13, according to an announcement. The move was “to further align with corporate governance best practices,” according to CVS.

Three current members––Richard “Dick” Swift, Richard Bracken and Mark Bertolini­­––will transition from their roles on the board of directors by not standing for reelection during CVS Health’s 2020 Annual Meeting.

“CVS Health is successfully executing against its strategy of becoming the world's most consumer-centric health care company,” Chair of the Board David W. Dorman said in a statement. “As the organization continues to evolve, the remaining directors of the Board and I have the utmost confidence in the strength of the current management team, the progress the company has shown to date and ability of CVS Health to deliver value to all stakeholders moving forward."

Swift was the former chair of the board and president and CEO of Foster Wheeler, a Swiss engineering company. He also served as a director of CVS Health since September 2006. Swift is retiring from the board after reaching the mandatory retirement age.

Bertolini, who was the former chairman and CEO of Aetna and became a director at CVS Health when the company merged with CVS Health at the end of 2018, will not continue as a board member after the 2020 meeting.

Bracken, former chairman and CEO of HCA and HCA Holdings, is retiring from the board after 45 years in healthcare. He has served as a director since Jan. 2015 and intends to spend more time on personal interests, according to the announcement.

"We want to thank each of these highly accomplished individuals for their service to the company and wish them all the best in the future,” Dorman said.