CVS Health announced on Tuesday that it will lay off nearly 3,000 employees as part of its cost-cutting measures, with most of the job cuts occurring in corporate positions.
According to a company spokesperson, this decision is part of a multiyear initiative aimed at achieving $2 billion in savings through reduced expenses and investments in technology to improve operations. Mike DeAngelis, CVS’s executive director of corporate communications, clarified that the layoffs will not affect front-line roles in CVS stores, pharmacies, or distribution centers.
These layoffs, which represent less than 1% of CVS’s total workforce, come as the company navigates challenges in the industry, including regulatory pressures and changing customer needs. DeAngelis emphasized the importance of maintaining competitiveness and operating at peak performance in this evolving landscape. Laid-off employees will receive severance pay and benefits.
This round of cuts follows approximately 5,000 layoffs announced last August and follows the closure of about 900 stores between 2022 and this year, marking a significant reduction in CVS’s operations. Other pharmacy chains, like Walgreens, are also adjusting their operations by closing underperforming stores.
Peoplesmind
