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CVS Health CEO Karen Lynch has stepped down with company shares down 19% and the national drugstore chain struggling.
Lynch will be replaced by David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs.
Joyner most recently served as executive vice president of CVS Health, and president of CVS Caremark.
The company said it now anticipates third-quarter adjusted earnings of $1.05 to $1.10 per share, citing higher-than-expected medical cost trends. Analysts polled by FactSet predict earnings of $1.69 per share.
CVS Health also announced on Friday that Chairman Roger Farah will now be executive chairman.
Shares tumbled more than 12% before the market open.
