After a slightly hectic reign, Karen Lynch has been changed as CEO at CVS Pharmacy Corp. by longtime government David Joyner. Previous to her departure, Lynch was the highest-ranking feminine CEO on the Fortune 500, with CVS coming in at No. 6 on this checklist total. Though she’s just one particular person, her departure is a blow to feminine leaders throughout the Fortune 500 checklist who’re far outnumbered by their male counterparts.
CVS has struggled after repeatedly lacking earnings targets and introduced third-quarter earnings would are available nicely under Wall Road expectations. The inventory value is down greater than 26% yr so far, and dropped by greater than 8% on the information of Lynch’s departure.
“The Board believes this is the right time to make a change, and we are confident that David is the right person to lead our company for the benefit of all stakeholders, including customers, employees, patients, and shareholders,” mentioned Roger Farah, who was named government chairman of CVS after beforehand serving as chairman of the board.
When the Fortune 500 was launched in June of this yr, solely 10.4%, or 52 CEOs, have been ladies. Whereas that’s a giant leap from 24 feminine leaders who made the checklist in 2018, progress has stalled total, and Lynch’s departure is a setback for a gaggle that was small to start with. That slowdown could also be due to a lower in government turnover for the reason that pandemic.
As of immediately, there are 55 ladies main Fortune 500 corporations—mining firm Freeport-McMoRan and trucking firm J.B. Hunt Transport each employed feminine CEOs this yr. Oil big Marathon Petroleum and monetary consultancy Freddie Mac additionally not too long ago appointed feminine CEOs.