(Reuters) -CVS Health ( CVS ) named United Parcel Service ( UPS ) executive Brian Newman its new chief financial officer on Tuesday, the first top management change for the health insurer under CEO David Joyner's leadership.

Newman replaces Thomas Cowhey, who held the CFO position for little over a year.

Since taking over in October 2024, Joyner has laid out cost-cutting plans and named a new insurance head to help CVS navigate one of the most challenging periods in its six-decade history.

Facing financial struggles and investor pressure over the past few years, the company missed its earnings targets for the first three quarters of 2024.

Cowhey will become a strategic adviser to Joyner, effective May 12.

Shares of CVS rose 7% to $68.49 in premarket trading.