CVS taps Eli Lilly's former CFO Derica Rice to serve as president of CVS Caremark

CVS Health selected former Eli Lilly CFO Derica Rice to serve as the president of its pharmacy benefit management division, CVS Caremark, according to The Wall Street Journal.

Effective March 30, Mr. Rice will succeed Jonathan Roberts, who was promoted to COO at CVS Health last year.

"With growing concerns over the affordability of prescriptions, the role of the pharmacy benefit manager has never been more important to the healthcare system," CVS said in the memo to managers, according to the WSJ.

Mr. Rice worked at Eli Lilly for about 27 years, serving as its financial chief from 2006 until retiring in December 2017. During his tenure, he crafted and executed the drugmaker's strategy to overcome a period of patent expirations for its lead-drugs.

The appointment comes as CVS works to finalize a $69 billion acquisition of health insurer Aetna to address soaring healthcare costs.

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