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20 HARTFORDBUSINESS.COM | DECEMBER 9, 2024 5 We Watched in 2024 Brian Kane departed as Aetna's president in August. HBJ PHOTO | STEVE LASCHEVER Moving On In tumultuous year for Aetna/CVS Health, Kane's time leading Hartford health insurer short-lived Glenview Capital Management, which has a large stake in CVS, met with the company's management to discuss ways to improve opera- tions, according to the Wall Street Journal. The board announced a strategic review process that could include a possible breakup of CVS Health. The company also informed employees it will cut 1% of its work- force, or about 2,900 workers. • In early October, CVS disclosed plans to lay off 416 employees tied to Hartford-based Aetna – mostly remote, out-of-state workers. • On Oct. 18, CVS' board announced that Lynch was being replaced as CEO by David Joyner, who most recently served as executive vice president of CVS Health and presi- dent of CVS Caremark, the compa- ny's pharmacy services business. • On Nov. 6, former UnitedHealthcare CEO Steve Nelson was named Aetna's new president. • On Nov. 18, Larry Robbins, CEO of Glenview Capital Management, was added to CVS' board, along with three other new members. By Greg Bordonaro gbordonaro@hartfordbusiness.com I n an interview last December, Brian Kane expressed optimism about the future of Aetna and the health insurer's headquarters remaining in Hartford. A year later, Aetna is still based in the Capital City; Kane isn't. In August, Kane was pushed out of his job as Aetna's president, after less than a year in the role. His departure was one of many notable events that have marked a tumultuous year for the health insurer's parent company, CVS Health. The Rhode Island-based provider of everything from health plans and prescription drugs to retail phar- macies and even primary care has dealt with numerous challenges in 2024, including higher-than-expected medical expenses from its insurance arm Aetna. That has weighed down earnings and led to investor unrest. CVS' stock price since the start of the year was down about 25% as of Dec. 4, and the company reported a 53.1% drop in profits (to $2.9 billion) through the first three quarters of 2024. In response, the company's top executives and board have made major changes in 2024 that will likely shape Aetna's future. • CVS in February cut its 2024 profit forecast due to higher-than-ex- pected medical costs in Aetna's Medicare Advantage business, which also is feeling pressure from federal policies that have squeezed reimbursement rates. • Rising healthcare costs at Aetna sank CVS' first-quarter earnings, forcing the company in May to cut its profit forecast for a second time. • In its second-quarter earnings report on Aug. 7, CVS announced it was replacing Kane, and that CVS Health CEO Karen Lynch would oversee Aetna. The company also lowered its profit expectations for a third time. • On Sept. 30, activist hedge fund BRIAN KANE Former President Aetna Education: Bachelor's degree in economics and political science, Stanford University; MBA, Harvard University David Joyner Steve Nelson