internal
J. David Joyner
President, Chief Executive Officer and Chair
Executive
3 yr
19 reports
CVS Health ·CVS
Three major operating businesses report directly to the CEO
Healthcare · Fortune #6 · Divisional structure · 260K employees · Woonsocket, RI
11
CEO span
↑ wider than peers (avg 9)
3.1
Avg span
moderate
3
Max depth
flat for 260K emp
3.6 yr
Avg tenure
64%
Internal hires
↑ above industry avg
Consolidated financials FY2018 · period end 2018-12-31 · 10-K
Revenue
$193.9B
Operating income
$4.7B
Net income
$1.8B
Total assets
$253.5B
Shares out
1.27B
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Three major CVS Health businesses—Aetna, Caremark, and Pharmacy & Consumer Wellness—report directly to the CEO. This page maps CVS Health’s divisional structure, executive team, reporting lines, leadership analysis, and peer comparisons as of 2026-Q2.
What to model
Use the chart to test org decisions, not just view reporting lines
Start with the public baseline, then use the scenario views and source-backed changes to ask what happens when leadership, span, or team ownership shifts.
Latest signal J. David Joyner moved into Chair of the Board
Assumed additional role of Board Chair on January 1, 2026.
Source · See change logScenario views in the chart
- Add a Chief Operating Officer Introduce a COO role to consolidate oversight of Aetna, Caremark, and Pharmacy operations, reducing CEO span.
- Move Caremark under Group President Shift Caremark to report to the Group President to tighten coordination across enterprise platforms.
Atlas work this supports
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The people
Who's running this
11 executives identified as Named Executive Officers in the most recent SEC proxy. Bar length scales with tenure.
internal
Steven H. Nelson
Executive Vice President and President, Aetna
Health Care Benefits
2 yr
2 reports
internal
Len Shankman
Executive Vice President and President, Pharmacy & Consumer Wellness
Pharmacy & Consumer Wellness
4 yr
2 reports
Tilak Mandadi
Executive Vice President, Ventures and Chief Experience & Technology Officer
Technology & Ventures
7 yr
0 reports
Brian O. Newman
Executive Vice President and Chief Financial Officer
Finance
1 yr
3 reports
internal
Ed DeVaney
Executive Vice President and President, Caremark
Health Services
3 yr
2 reports
internal
Prem S. Shah
Executive Vice President and Group President
Enterprise
6 yr
0 reports
internal
Sree Chaguturu
Executive Vice President and President, Health Care Delivery
Health Care Delivery
2 yr
0 reports
Heidi Capozzi
Executive Vice President and Chief People Officer
Human Resources
4 yr
0 reports
internal
Sam Khichi
Executive Vice President, Chief Policy Officer and General Counsel
Legal & Policy
5 yr
0 reports
Amy Compton-Phillips
Executive Vice President and Chief Medical Officer
Clinical
1 yr
0 reports
The pay
Executive compensation
From the most recent DEF 14A Summary Compensation Table. 1 named executive officers disclosed. Bar length scales with total compensation.
J. David Joyner $21.2M
- Base salary
- $1.50M
- Stock awards
- $14.50M
- Non-equity incentive
- $4.70M
- Pension change
- $65K
- Other
- $454K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
The businesses
How CVS Health divides the work
3 divisions report into the group CEO. Tile size scales with estimated headcount.
Aetna (Health Care Benefits)
50K employees
President, Aetna (Steven H. Nelson)
Provides commercial, Medicare, Medicaid, and related health insurance products.
CVS Caremark
20K employees
President, Caremark (Ed DeVaney)
Operates CVS Health’s pharmacy benefits management business.
Pharmacy & Consumer Wellness
150K employees
President, Pharmacy & Consumer Wellness (Len Shankman)
Runs retail pharmacies, consumer health products, and related services.
The thesis
Why this org is unusual
Three major operating businesses—Aetna, Caremark, and Pharmacy & Consumer Wellness—each report directly to the CEO, with no COO layer in between.
This structure places full P&L accountability for insurance, PBM, and retail pharmacy at the CEO’s direct-report level. The model emphasizes divisional autonomy while keeping key enterprise functions centralized.
The CEO’s span of control is wide, reflecting CVS Health’s integrated but still business-led model. Technology, people, legal, and medical leadership also sit directly under the CEO, signaling the importance of clinical oversight and digital capabilities across all segments.
Compared with peers, CVS Health runs a relatively flat four-level structure despite its scale, relying on experienced segment presidents rather than additional holding-company layers.
- No COO role
- Three core P&L leaders report to CEO
The comparison
How CVS Health stacks up
Relative to peers like UnitedHealth Group and Cigna, CVS Health maintains fewer intermediary layers between the CEO and its major operating units. UnitedHealth adds Optum sub-CEOs, while CVS keeps Aetna, Caremark, and Pharmacy directly under the CEO. This increases CEO span but speeds cross-segment coordination. CVS …
C-suite size
Reporting depth
CVS Health
3 levels
5 levels
5 levels
4 levels
5 levels
Avg C-suite tenure
Has COO / Has CAIO
CVS Health — no COO — no CAIO
Current signals
What changed recently
The most significant recent change was the CFO transition from Thomas Cowhey to Brian Newman in 2025.
Frequently Asked Questions
Who is the CEO of CVS Health?
J. David Joyner has served as President and CEO since 2023 and became Chair in January 2026.
What type of organizational structure does CVS Health use?
CVS Health uses a divisional structure organized around major operating businesses.
How many direct reports does CVS Health's CEO have?
The CEO has 11 direct reports as of 2026.
How has CVS Health's leadership changed recently?
Recent changes include the appointment of a new CFO in 2025 and the CEO becoming Board Chair in 2026.
Does CVS Health have a COO?
No, CVS Health does not have a Chief Operating Officer; business presidents report directly to the CEO.
Sources
- DEF 14A, Apr 2026
- 8-K Filing, Apr 2025
- SEC EDGAR: CVS Health DEF 14A Proxy Statement
- SEC EDGAR: CVS Health 10-K Annual Report
Reference
Cite this page
If you reference this page in research, analysis, or news writing, use one of the formats below. Citation includes the SEC filing source where applicable.
APA 7th
Creately. (2026). CVS Health organizational structure. Creately. Retrieved , from https://creately.com/org-chart/fortune-500/cvs-health/MLA 9th
"CVS Health Organizational Structure." Creately, April 1, 2026, https://creately.com/org-chart/fortune-500/cvs-health/. Accessed .Chicago 17
Creately. "CVS Health Organizational Structure." Last modified April 1, 2026. https://creately.com/org-chart/fortune-500/cvs-health/.Permanent URL: https://creately.com/org-chart/fortune-500/cvs-health/ · last updated 2026-04-01