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Former Aetna CEO to Leave CVS Board

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Mark Bertolini — the former chairman and chief executive officer of Aetna Inc. — will be leaving the board of CVS Health Corp., CVS said Monday.

(Related: Mark Bertolini to Succeed Williams at Aetna)

The Woonsocket, Rhode Island-based company said it will be reducing the size of its board to 13 members, from 16 at its next annual meeting.

Two other CVS directors, Richard Swift and Richard Bracken, will also be leaving the CVS board, CVS said.

CVS announced plans to acquire Aetna in 2017 and closed on the deal in November 2018. Bertolini joined the CVS board when CVS closed on the Aetna acquisition.

Originally, CVS and Aetna said Bertolini would serve on the CVS board, but CVS and Aetna did not give details about what Bertolini’s role at the combined company would be.

In the announcement about the coming departures from the CVS board, David Dorman, the board chair, included a statement thanking each of the board members who will be leaving.

“We want to thank each of these highly accomplished individuals for their service to the company and wish them all the best in the future,” Dorman said in the statement. “We particularly want to thank Dick and Richard for the tremendous leadership and expertise each brought to the board during their many years of service, including Dick’s role as chair of the audit committee and Richard’s role as chair of the medical affairs committee. The board would also like to thank Mark for his contribution to the successful integration of Aetna.”

Bertolini began working for Aetna in 2003. He became the company’s president in 2007, and he took over as the CEO in 2010.

— Read Aetna CEO Bertolini Could Get $88 Million Parachute in CVS Deal, on ThinkAdvisor.

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