(WJAR) — Woonsocket-based CVS said Wednesday that it will separate its pharmacy chain from its insurance business.
The split will create two independent companies: one will be its national retail pharmacy chain, and the other will house its health care insurance businesses.
The move is expected to be completed by the first half of 2028, the company said.
“Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access, and a simpler experience,” said David Joyner, who will be the chairman and CEO of the health care insurance company.
Prem Shah will be the CEO of the CVS Pharmacy unit.
The company says it will provide more information on the separation as it progresses.
The split marks a reversal from CVS’s previous strategy of building an integrated health care business.
