CVS Health will elevate Aetna's top financial executive to CFO of the combined company — one of several leadership changes CVS unveiled June 6 as it completes its acquisition of the health insurer.
Here are six things to know:
1. CVS Health selected Shawn Guertin, Aetna's current CFO, to serve as executive vice president and CFO for the combined company. In his role, Mr. Guertin will oversee financial planning and analysis, tax and treasury functions, investor relations and accounting. Mr. Guertin has been at Aetna since 2011.
2. When the acquisition of Aetna closes, CVS Health's current CFO David Denton will step down from the company. CVS will pay Mr. Denton two years of his base salary in addition to other benefits, according to The Wall Street Journal.
3. CVS expects the $69 billion transaction to close in the second half of 2018. Until the closure, the two parties will operate separately.
4. In addition to the CFO change, Aetna President Karen Lynch will serve as executive vice president of CVS Health and president for the Aetna business unit. Once the acquisition is complete, three of Aetna's directors will be added to the CVS Health Board of Directors.
5. CVS also announced several executives will remain in their current positions, including:
- Jon Roberts, executive vice president and COO for CVS Health
- Thomas Moriarty, executive vice president, chief policy and external affairs officer and general counsel for CVS Health
- Troyen Brennan, MD, executive vice president and CMO for CVS Health
6. "We're very excited to be taking this milestone step in the journey to combine our two great companies," said CVS Health President and CEO Larry Merlo. "The talent of both organizations is reflected in the management team that we are naming today and that will report to me as of the close of the transaction."
Read the full list of leadership changes here.