CVS Health has named Ed DeVaney as president of its pharmacy benefit manager, CVS Caremark.
DeVaney has served as interim president of Caremark since December 2024. The president’s role was vacated when David Joyner took over as CEO of CVS Health in October.
CVS said that DeVaney joined the company in 2005 and held roles across Caremark and the company’s Aetna division. Prior to taking over as interim president, DeVaney was Caremark’s president of employer and health plans, where he led the team’s work to grow and retain its PBM customers.
DeVaney also played a key role in marketing at Caremark, the company said.
“Ed’s ability to build and grow a strong team culture, while prioritizing talent development, leads to strong business results,” Joyner said in a press 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.”
Prior to joining the CVS team, DeVaney worked at Hewitt Associates, with a focus on healthcare consulting and benefits administration, the company said.
As the head of Caremark, DeVaney will report to Group President Prem Shah, CVS said.
“I am honored to take on this role and to work with our dedicated colleagues who are focused on making prescription drugs more affordable and delivering better care to everyone we are privileged to serve,” said DeVaney in the announcement. “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.”