CVS names 1st pharmacy chief, plans to close 900 stores

CVS Health said Nov. 18 it has named Prem Shah, PharmD, as its first chief pharmacy officer, effective immediately. 

Dr. Shah is currently executive vice president of specialty pharmacy and product innovation and has been with CVS Health since 2013. As chief pharmacy officer, he will oversee the company's omnichannel pharmacy strategy. 

As of Jan. 1, Dr. Shah will also become co-president of CVS Health's retail business alongside Michelle Peluso. Ms. Peluso is currently executive vice president and chief customer officer and joined the company earlier this year. 

"Prem and Michelle are ideally suited for their new roles and will be instrumental to CVS Health as we continue to execute against our strategy of delivering an integrated healthcare experience centered around the consumer," Karen Lynch, CVS Health's president and CEO, said in a news release. 

Neela Montgomery, the current president of CVS retail/pharmacy, will be leaving the company in the new year. 

CVS also announced Nov. 18 that it will create three distinct store models "to drive higher engagement with consumers" and close about 300 stores a year for the next three years.

One store model will be dedicated to offering primary care, one will be an enhanced version of its existing HealthHUB locations, and the third will be a traditional CVS Pharmacy store that provides prescription services as well as health and wellness items. 

CVS said the store format changes are to begin in the spring. 

Read the full news release here

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