CVS Health (CVS 0.28%) will soon undergo a notable change in its C-suite. On Tuesday, the big pharmacy chain operator announced that it has appointed a new CFO. That incoming executive, Shawn Guertin, will take the reins effective Friday, May 28.

He replaces Eva Boratto, who is departing after 11 years with the company.

Guertin is no stranger to CVS Health. Prior to his appointment, he served as CFO for Aetna, the veteran insurance company CVS Health bought in late 2018 in a splashy $70 billion deal. Prior to that, he served as CFO and treasurer at Coventry Health Care, which was ultimately acquired by Aetna. 

According to his LinkedIn page, Guertin is also a member of the board of directors of employee benefits company TriNet and DaVita Kidney Care.

CVS Health COVID-19 testing site.

Image source: CVS Health.

Of his Aetna tenure, CVS Health said that "He was the architect of the company's finance strategy during a period of rapid growth and transformation."

"He helped Aetna enter new markets and grow through expansion and acquisitions and was a key leader in shaping and affecting the merger with CVS Health in 2018," the company added.

Guertin's appointment emphasizes the importance CVS Health is clearly placing on the insurance side of its business. The company's relatively new CEO, Karen Lynch, was previously Aetna's president.

For his labors, the new CFO will receive an annual base salary of $1.25 million, with a one-time signing bonus of $1 million. Guertin will also be eligible for equity awards and other salary bonuses.

CVS Health investors seem to be happy about the new hire. On Tuesday, the company's shares closed 4.8% higher, against the 0.9% dip of the S&P 500 index.