🏢CVS plans a breakup that keeps Aetna in the fold but leaves its Hartford future open

CVS Health plans a breakup that would turn its drugstore chain into a separate publicly traded company. The Financial Times first disclosed it Tuesday, and the Wall Street Journal reported that CEO David Joyner confirmed it, with completion expected in early 2028. Hartford-based Aetna would stay with CVS Caremark in a company that would keep the CVS Health name, with Joyner in charge.

What we don't know is whether Aetna stays here. CVS won't commit to keeping the headquarters in Hartford after the split, and the Stamford Advocate says the move raises fresh questions about the insurer's future in Hartford.

• Drugstore company: CVS Pharmacy, with about 9,000 stores
• Also staying with Aetna: Oak Street Health, Signify Health, specialty drugs
• Shareholders: would own shares in both companies
• Hartford pledge: at least 10 years from November 2018

The split follows a rough stretch at Aetna, with rising medical costs in 2024 and repeated layoffs. Of the remote jobs CVS planned to cut in February, 17 were held by Connecticut residents. Results have improved: CVS's insurance segment, which includes Aetna, saw second-quarter adjusted operating income rise 85.5% from a year earlier.