(Reuters) -CVS Health said on Monday it would add four new members to its board in an agreement with Glenview Capital Management, including the hedge fund’s chief executive Larry Robbins.
Shares of the healthcare conglomerate rose nearly 3% in premarket trading.
Longtime investor Glenview Capital Management bought 2.8 million CVS shares during the third quarter, increasing its stake by 31%.
“In our discussions with the leadership at Glenview, we agreed that we can deliver greater value from our integrated businesses to all of our stakeholders, including our customers, consumers, colleagues and shareholders,” said CVS chairman Roger Farah.
Three other executives will join Robbins on the CVS board, bringing the total members to 16.
(Reporting by Sriparna Roy in Bengaluru; Editing by Anil D’Silva and Krishna Chandra Eluri)
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