CVS Health tapped industry executive David Joyner to replace CEO Karen Lynch and turn around the struggling business. 

Joyner took over on Thursday as Lynch stepped down from her position in agreement with the company’s board of directors, CVS said.

CVS Board Chairman Roger Farah will become executive chairman.

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"To build on our position of strength, we believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create," Farah said in a statement. 

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This is a developing story. Check back for updates.