CVS Health said Wednesday it intends to separate into two independent, publicly traded companies, following a strategic review by the CVS Health board of directors. The two companies will focus on healthcare solutions and retail pharmacies, respectively.

To be known as CVS Health, in the interim, the healthcare solutions company will comprise the Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health brands. The retailer, which currently operates approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business, will be named CVS Pharmacy.

Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will become CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date.

“Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access and a simpler experience,” said Joyner. “Over the last two years, we have made meaningful progress: we built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise, and drove total shareholder return. From a position of strength, and a focus on the long term, we plan to create two focused companies to improve consumer engagement, affordability, and care coordination.”

The separation is expected to be finalized in the first half of 2028. Goldman Sachs ​is serving ​as ​lead ​financial advisor and strategic advisor to the company, with ​Consello ​also serving ​as ​financial ​and strategic advisor to the company. Wachtell, Lipton, Rosen & Katz is serving as legal counsel.

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