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CVS Health names three Aetna directors to CVS Health Board

BY Sandra Levy

Following on the heels of its announcement yesterday that it has been given the Department of Justice’s approval for its proposed acquisition of health insurer Aetna, CVS Health announced that three additional Aetna directors with deep insurance company oversight experience,Edward Ludwig, Fernando Aguirre, and Roger Farah will join the CVS Health Board following the completion of its acquisition of Aetna.

The appointment of these three Aetna directors, together with the previously announced addition of Mark Bertolini, Aetna’s current chairman and CEO, will bring the total number of CVS Health Board members to 16.

CVS Health also announced that following the completion of the transaction, Eva Boratto, currently CVS Health’s executive vice president – controller and chief accounting officer, will become executive vice president and chief financial officer of CVS Health.

Shawn Guertin has decided to step away for personal and family reasons, but will remain with CVS Health until June 2019 to help the combined company with integration and financial planning strategy. As previously disclosed, Aetna will be managed as a distinct operating entity within the CVS Health organization.

“While this was a highly personal decision for Shawn, he is reassured with the knowledge that the company has an extremely strong finance team. During pre-close integration work, Shawn came to value the depth and breadth of talent in the CVS Health finance organization that will be complemented by the deep and talented bench in the Aetna finance group,” Larry Merlo, CVS Health president and CEO, said in a press statement. “We respect Shawn and wish him well.”

“We are delighted to welcome Fernando, Mark, Roger and Ed to the CVS Health Board,” CVS Health chairman David Dorman said, in a statement. “Our shareholders will benefit from the depth of their knowledge of Aetna’s business and their complementary expertise, which will be essential to the combined company as we transform the way health care is delivered in America.”

Ludwig joined the Aetna Board of Directors in 2003 and has served as Lead Director since 2012. He also is a member of the executive, investment and finance, nominating and corporate governance, and compensation and talent management committees. Farah joined the Aetna Board in 2007 and chairs the compensation and talent management committee, and he is a member of the executive and investment and finance committees. Aguirre joined the Aetna Board in 2011 and chairs the nominating and corporate governance committee, and he is a member of the executive and audit committees.

Boratto has an extensive financial background that spans more than 20 years and includes senior positions in both the pharmaceutical manufacturing and PBM industries, along with other health care finance roles. She joined CVS Health in 2010 as senior vice president, PBM Finance and most recently has served as CVS Health’s executive vice president – controller and chief accounting officer.

Prior to joining CVS Health, Boratto served in a number of executive positions at Merck & Co., including vice president, U.S. Market Finance Leader, with responsibility for financial oversight of Merck’s U.S. pharmaceutical market, and vice president, investor relations.

Ludwig has served on the Aetna Board since 2003 and has served as Aetna’s lead director since 2012. He has significant executive-level leadership and business expertise with more than 30 years of experience in the medical technology field, including serving for over ten years in each of the roles of CEO and chairman of Becton, Dickinson and Company after serving as its chief financial officer. He also has significant public company board experience serving on the board of several companies, including Boston Scientific Corporation, where he is currently the lead independent director.

Aguirre has served on the Aetna Board since 2011 and has extensive consumer products, global business and executive leadership experience, including as CEO and chairman of Chiquita Brands International, Inc. from 2004 to 2012 and in several senior positions over 23 years at The Procter & Gamble Company. He also has served as an independent director on several other public company boards.

Farah has served on the Aetna Board since 2007 and has extensive business and leadership experience. He has developed strong marketing, brand management and consumer insights in his over 40 years in the retail industry, including as co-CEO, director and executive director of Tory Burch and president, COO, director and vice chairman of Ralph Lauren Corporation. He also has extensive board experience serving on a number of public company boards and is currently the chairman of the board of Tiffany & Co.

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