CVS Health bulks its board up to 16 members, adds protect pool CEO

CVS Health has added four recent board members, including the CEO of a protect pool that has been critical of the struggling health worry giant.

The business said Monday that it expanded its board to 16 members following “productive discussions” with shareholder Glenview pool Management.

The protect pool holds about a 1% stake in the business according to the data firm FactSet.

Glenview has said CVS Health, which has cut its projection several times this year, is operating well below its potential.

Glenview CEO Larry Robbins will receive a seat on the CVS Health board. The business also will add H2 Health Chairman and CEO Guy Sansone, OneMain Holdings Chairman Doug Shulman and Leslie Norwalk, a former acting administrator with the Centers for Medicare and Medicaid Services.

The additional board members “will add recent thinking and deep economy and industry experiences as we focus on driving greater monetary and operational act,” CVS Health Executive Chairman Roger Farah said in a statement.

The additions shouldn’t be surprising after Glenview acquired its stake and made community comments on the business, Leerink Partners analyst Michael Cherny said in a note.

He added that the board expansion doesn’t transformation anything “beyond where we ponder CVS had already started to point the ship.”

Woonsocket, Rhode Island-based CVS Health Corp. runs one of the country’s largest drugstore chains and a huge pharmacy advantage management business that operates prescription drug coverage for employers, insurers and other large clients. It also covers nearly 27 million people through its Aetna insurance arm.

The business has been concentrated on repairing its insurance business, which has dragged on its overall act for several quarters. It’s also operating under recent leadership, with long-period business executive David Joyner replacing Karen Lynch as CEO last month.

business shares, which have been down most of this year, climbed more than 3% to $54.96 in morning buying and selling Monday.