CVS Health Chief Executive Officer Karen Lynch has stepped down and will be replaced by David Joyner, who runs the company's pharmacy benefit firm, Caremark.

David Joyner will take over as the company heads in a new direction to stabilize its finances. CVS Health’s reshuffling has reached the highest level of the organization, with the healthcare giant moving to replace its CEO as it searches for a new formula.

CVS Health announced Friday it has appointed David Joyner as its new Chief Executive Officer, replacing Karen Lynch.

The struggling pharmacy chain said Friday that the change in leadership is effective immediately. Lynch had been CEO since early 2021.

CVS Health CEO Karen Lynch has stepped down and is being replaced by David Joyner amid struggles with rising costs.

Longtime executive David Joyner, 60, took over on Thursday after CVS repeatedly missed earnings targets, setting off unrest among shareholders that spilled into public view in recent weeks

CVS Health has appointed David Joyner as its new CEO, following the company’s ongoing financial challenges and missed earnings expectations.

Roger Farah, who worked behind the scenes to right Ralph Lauren and Tory Burch, will become Executive Chairman at CVS.

Headquartered in Woonsocket, R.I., CVS owns the country’s largest pharmacy chain with more than 9,000 stores. By late 2022, Lynch helped lift CVS’s share price from $70 to roughly $110, and investors were onboard with her new strategy: Making CVS a one-stop shop for basic care,