CVS Health has added four new board members, including the CEO of a hedge fund that has been critical of the struggling health care giant.
The company said Monday that it expanded its board to 16 members following “productive discussions” with shareholder Glenview Capital Management.
The hedge fund holds about a 1% stake in the company according to the data firm FactSet.
Glenview has said CVS Health, which has cut its forecast several times this year, is operating well below its potential.
Glenview CEO Larry Robbins will take a seat on the CVS Health board. The company also will add H2 Health Chairman and CEO Guy Sansone, OneMain Holdings Chairman Doug Shulman and Leslie Norwalk, a former acting administrator with the Centers for Medicare and Medicaid Services.
The additional board members “will add new thinking and deep market and industry experiences as we focus on driving greater financial and operational performance,” CVS Health Executive Chairman Roger Farah said in a statement.
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