CVS Health Names Ed DeVaney President of CVS Caremark

Ed DeVaney has been appointed president of CVS Caremark, the pharmacy benefit management (PBM) business of CVS Health.

DeVaney, who was named interim president in December 2024, will report to Prem Shah, group president of CVS Health. He succeeds Alan Lotvin, MD, who left the position in 2023.

DeVaney

DeVaney brings more than 25 years of healthcare and PBM experience to his new role.

Most recently, he served as president of Employer & Health Plans at CVS Caremark, where he was responsible for sales and account management, overseeing business growth across multiple lines, including government services and coalitions.

He also led their PBM marketing team, driving strategies to enhance customer partnerships and expand the company’s reach.

"Ed's ability to build and grow a strong team culture, while prioritizing talent development, leads to strong business results," said David Joyner, president and CEO of CVS Health, in a news release. "His commitment shows every day in his deep understanding of our industry, his advocacy for our business, and a proven track record of anticipating and solving client needs."

DeVaney expressed his excitement for his new role, highlighting the growing significance of PBMs in the current healthcare landscape working to “make prescription drugs more affordable and delivering better care to everyone we are privileged to serve.

"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" DeVaney said.

DeVaney joined CVS Health in 2005, advancing through a number of leadership roles across CVS Caremark and Aetna.

Before joining CVS Health, he managed client relationships at Hewitt Associates, focusing on healthcare consulting and benefits administration.

His background in the industry has helped him with the insights needed to navigate the evolving challenges and opportunities within the PBM industry.

CVS Caremark serves more than 88 million members through a wide range of solutions for employers, health plans and government programs, according to its LinkedIn.

As president, DeVaney will lead initiatives aimed at enhancing drug affordability, increasing transparency in pricing and expanding access to essential healthcare services.

CVS Health, a health solutions company, delivers care to communities across the U.S. through a combination of local presence, digital channels and a dedicated team of over 300,000 colleagues, including more than 40,000 healthcare professionals.

The company aims to improve access to healthcare, lower costs and serve as a trusted partner in managing chronic diseases, medication compliance and wellness services.

DeVaney holds a master of Business Administration from Wake Forest University and a bachelor’s degree in finance and marketing from Marquette University.

In addition to his professional achievements, he supports the community as a board member of ‘A Kid Again,’ a nonprofit organization dedicated to creating positive experiences for children with terminal illnesses at no cost to their families.

With his experience and leadership skills, DeVaney is set to drive CVS Caremark’s growth and innovation, ensuring that CVS Health delivers affordable and accessible healthcare.