CVS CEO Karen Lynch. Courtesy of CVS
Yesterday was International Women’s Day and I got to spend it with a woman who has climbed the corporate ladder higher than any other in history – Karen Lynch, CEO of CVS Healthnow no. 4 in Fortune 500 list. I interviewed Lynch at the Lake Nona Impact Forum, where she laid out her vision for how her company will transform healthcare.
She certainly mustered the resources to do it. CVS Health includes stores of the same name, which can be found within five miles of 85% of Americans; health insurance giant Aetna; the Caremark pharmacy benefits manager; and if all goes well, two new businesses that Lynch has agreed to buy for a total of $18 billion — Signify, which provides assessment and home health care to millions of people each year, and Oak Street Health, which which operates 169 clinics in 21 states that provide health care and wellness for seniors. The goal of it all, Lynch told the Lake Nona crowd, is to make care more accessible and affordable, to make it simpler and to engage people more fully in the health care system.
Ellen McGirt and I also interviewed Lynch this week for our Leadership Next podcast, and you can hear her describe her vision by downloading from Apple OR Spotify. Some excerpts:
“One of the things I’ve learned over the past couple of years is that people are more focused on their health than they’ve ever been. People want to be connected to their health. They want to live longer. And the way you do that is through engagement.”
“What I want to do as a company is to think of CVS Health as your kind of place to go. I want to make it easy, I want to make it simple, and I want to make it affordable.”
By the way, CVS Health is Fortune’s presenting partner on Fortune Well, which you can read here. More news below.
More news below.
More consumer debt
Citigroup CFO Mark Mason has stated that the bank has witnessed an increase in US consumers defaulting on or unable to pay off their mounting credit card debts, with a corresponding increase in credit losses, particularly among borrowers with bad credit. lower credit. While default rates on credit card loans are still below pre-pandemic levels, Mason expects loan losses to increase. Financial Times
Uber is considering spin-offs
Uber is reportedly exploring options to spin off its Uber Freight logistics unit — either as a separate, publicly traded company or through a sale — in an effort to improve its focus on ride-hailing and food delivery. However, sources caution that discussions are still in the early stages and a decision is not imminent. Bloomberg
No more chips
The Dutch government has announced it will implement export restrictions on semiconductor technology under a deal with the US and Japan to limit sales to China. The measure will require companies to apply for licenses to export high-spec systems used in chip manufacturing. The restrictions aim to prevent China from accessing advanced chip technology, and similar measures have been implemented by the US and the UK. Financial Times
ABOUT THE WATER COOLER
Perfect storm of inflation and stagnant wages hits gender pay gap in 2023 by Ivana Pino
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Massive leak of Meta’s language model sparks debate over open or closed AI research by Andrea Guzman
Major crypto bank collapses as Silvergate announces plans to shut down operations by Leo Schwartz
How JetBlue’s CEO plans to expand its national reach — with or without the Spirit merger by Phil Wahba
This edition of CEO Daily edited by Jackson Fordyce.
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