CVS Elevation of Longtime Insider to CEO Fails to Calm Activists

CVS Health Corp.’s elevation of veteran David Joyner to chief executive officer failed to appease activists who want to see a bigger shift in direction at the health-care company.

Joyner, 60, took over as CEO Thursday from Karen Lynch, according to a Friday release, ending her tumultuous three-year tenure. The change came after CVS repeatedly missed earnings targets, paid top dollar for several acquisitions and cycled through executives, setting off unrest that recently spilled into public view.

The company’s shares fell 5.2%, bringing their year-to-date losses to 24%

Joyner, a long-time CVS executive who’s never led a ...