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Former Lilly CFO to head CVS Caremark

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Derica Rice slated to join CVS at the end of this month

NEW YORK — CVS Health has named former Eli Lilly and Co. chief financial officer Derica Rice as president of its CVS Caremark pharmacy benefit management unit.

Derica Rice_Eli Lilly_CVS Caremark

Derica Rice

Plans call for Rice to take the helm at CVS Caremark on March 30, CVS said late Tuesday. The appointment was earlier reported by The Wall Street Journal.

Rice retired from Lilly at the end of 2017 after 27 years at the pharmaceutical manufacturer, most recently as executive vice president of global services and CFO. The company had announced in June that he planned to retire.

At CVS, Rice take overs from Jonathan Roberts, who last March was promoted from president of CVS Caremark to executive vice president and chief operating officer of CVS Health, a newly created position. CVS said at the time that it would begin an internal and external search for a new CVS Caremark president.

“Our PBM clients and the members they serve are asking for innovation, especially around value-based reimbursement models and the role pharmacy can play in improving health outcomes and lowering total health care costs,” Roberts said in a statement on Tuesday. “We believe Derica is a great addition to our team, and the experience he brings with regard to innovation in these value-based models in particular will help us continue to serve our clients’ needs while also developing and delivering innovative solutions and offerings.”

Rice joined Lilly in 1990 and held various posts in finance and operations until being promoted to executive vice president and CFO in May 2006, after having served as vice president and controller. He also had served as Lilly’s general manager in the United Kingdom, executive director and CFO of European operations and CFO for Canadian operations.

Editor’s Note: Article updated with comment from CVS Health.


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