JPMorgan’s data and analytics chief is joining CVS’ board this fall, while the CEO of Glenview Capital Management is leaving after a two-year stint.
Dive Brief:
- CVS has added Teresa Heitsenrether, JPMorgan Chase’s chief data and analytics officer, to its board of directors as the healthcare behemoth continues to progress on its financial turnaround.
- Heitsenrether has spent four decades in financial services, according to Monday press release announcing her appointment. She’ll be joining CVS effective Nov. 18.
- CVS also said that Larry Robbins, who served on the board’s audit and public policy and external affairs committees, left earlier this month. Robbins, the CEO of Glenview Capital Management, joined the board in 2024 after the hedge fund pushed for changes at CVS.
Dive Insight:
As the leader of JPMorgan’s data and analytics, Heitsenrether sets strategy and governance standards, while driving the bank’s adoption of artificial intelligence.
Heitsenrether has been with JPMorgan throughout her entire career. Prior to her current role, she held several senior leadership positions, including global head of securities services overseeing $30 trillion in client assets, and global head of prime brokerage and equity financing, where she led an international expansion of the business, according to her JPMorgan bio.
Heitsenrether’s experience will be “invaluable as CVS Health continues to innovate on its path to become a consumer focused, health technology company,” CVS CEO David Joyner said in a statement.
“We look forward to benefiting from her deep knowledge in data, analytics, artificial intelligence, operational transformation and decades of financial expertise,” Joyner continued.
Heitsenrether could be a particular help as the Woonsocket, Rhode Island-based company pushes to adopt AI. Last year, CVS committed to investing more than $20 billion into its technology over the next decade, and has since introduced a number of AI-backed products along with weaving the technology into its back-end operations.
CVS launched its Health100 engagement platform in July, which includes an AI-powered assistant meant to help consumers more easily understand and participate in their care. CVS also recently rolled out an AI-enabled claims manager that it says will reduce processing time and accelerate payments to providers.
Technology is a “really important part of our strategy and direction as a broader enterprise,” Joyner said on a call with investors earlier this month.
Meanwhile, Robbins is leaving after a two-year stint on CVS’ board. He joined in 2024 after Glenview, an activist hedge fund with a sizeable stake in the healthcare conglomerate, moved for more control amid CVS’ flagging stock and repeated earnings shortfalls.
Three other Glenview directors also joined CVS’ board, expanding it to 16 members. It has since shrunk to 13 people.
Robbins’ tenure has coincided with improving operations at CVS, one of the largest healthcare companies in the U.S., with more than $400 billion in annual revenue from its national health insurer Aetna, major pharmacy benefits manager Caremark and network of more than 9,000 pharmacies.
Since 2024, the company has refreshed its leadership, closed underperforming retail stores, stabilized its insurance plans in the face of higher medical spending and cut roughly $2 billion in operating costs.
Those actions are bearing fruit — CVS’ profits soared to almost $3 billion in its most recent financial quarter, tripling year over year. CVS’ stock is back to trading at historic highs, despite reaching a five-year low at the end of 2024.
Glenview assumed some credit for the recovery.
“We were honored to partner with the Board in a process of constructive evolution that has led to a cultural renaissance at the Company, significantly improved customer experience, a commitment to technology and innovation, a fully repaired balance sheet, dramatically improved financial performance and the recruitment and elevation of many talented leaders to form the leadership group of a revitalized CVS Health,” Robbins said in a statement.
Filed Under:Payer,Medical Groups
