CVS Executive Shift Puts Company Veteran at Helm of Biggest Unit

CVS Health Corp. shook up its senior management ranks, putting a company veteran in charge of its pharmacy-benefit management business, less than two years after bringing on a longtime pharmaceutical executive to run it.

The company said in a statement Wednesday that Alan Lotvin had been named president of CVS Caremark, taking the reins from Derica Rice, who will depart CVS. Rice, a former Eli Lilly & Co. executive who joined the company in 2018, will remain through this month to help ensure a smooth transition.

The move puts one of Chief Executive Officer Larry Merlo’s most trusted ...