CVS Health Chief Executive Officer Karen Lynch has stepped down and will be replaced by David Joyner, who runs the company's pharmacy benefit firm, Caremark.

CVS Health announced Friday it has appointed David Joyner as its new Chief Executive Officer, replacing Karen Lynch.

CVS Health is naming its longtime executive David Joyner as its new CEO, succeeding Karen Lynch at the helm of the struggling healthcare giant, the Wall Street Journal reported on Friday. Joyner, who is the president of the company's pharmacy benefit manager CVS Caremark,