Mr. DeVaney was appointed interim president of the pharmacy benefit manager in December, according to a Feb. 17 news release from CVS Health. Mr. DeVaney joined CVS Health in 2005 and most recently served as president of employer and health plans for CVS Caremark.
David Joyner, the previous president of CVS Caremark, was named CEO of CVS Health in October.
The appointment is the latest in a series of executive changes at CVS Health. The company removed previous CEO Karen Lynch in October and appointed Mr. Joyner to lead the company. CVS also appointed a new president of Aetna, its insurance segment, and named Prem Shah as group president. Mr. Shah oversees all three of the company’s divisions.
Mr. DeVaney will report to Mr. Shah, according to the news release. His appointment comes as PBMs face increasing scrutiny from lawmakers. The Federal Trade Commission has published two reports in the past year alleging that the largest PBMs, including CVS Caremark, have inflated drug prices.
“The role of PBMs has never been more critical in achieving affordability and access to medicine in our country, and our drive to greater drug pricing transparency through innovation has never been more needed,” Mr. DeVaney said in the release.