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January 5, 2024

CVS Makes Executive, Loyalty Program Changes

Posted In: Retail Articles

In dual developments, CVS Health announced executive and loyalty program updates.

CVS Pharmacy, the company’s retail division, will offer two membership tiers going forward, ExtraCare and ExtraCare Plus, one free and the other fee-based.

ExtraCare, the free program, provides members with sale prices, email and text personalized deals, and 2% back in ExtraBucks Rewards, the company stated. The program will add the option to earn up to $50 for filling prescriptions and getting flu shots and other vaccines. In addition, ExtraCare members will earn twice as fast as they would under the previous free program, with $2 ExtraBucks Rewards earned for every four prescriptions filled.

ExtraCare Plus, formerly known as CarePass, will cost $5 monthly or $48 for a full year and include the benefits of the free program plus the free same-day delivery of most products found in CVS stores and a $10 monthly bonus reward.

In executive developments, senior vp of corporate finance and interim CFO Tom Cowhey, has been formally appointed the company’s next CFO. CEO of Oak Street Health and interim lead of health care delivery, Mike Pykosz, has been formally appointed president of health care delivery.

Both executives got their interim titles in October when CVS announced that Shawn Guertin, executive vice president, CFO, and president of health services, would take a leave of absence. Guertin will exit the company on May 31,  CVS noted.

Cowhey joined CVS in 2022 after being CFO of Surgery Partners Inc. and served in strategy and finance roles at Aetna. Pykosz joined CVS after it acquired Oak Street Health last year.

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