Glenview Capital acquires four board seats on CVS through a deal.

• Glenview Capital was awarded four board seats by CVS Health after striking a deal.
• Prior to her ouster, Glenview had been advocating for changes at the healthcare giant and had met with former CEO Karen Lynch.
• This year, CVS has faced challenges with its Medicare Advantage business and responded with a major cost-cutting initiative.

On Monday, it was announced that the healthcare giant had reached a deal with dissident investor Glenview Capital for four board seats, following the ouster of former chief Karen Lynch just a few weeks prior.

Larry Robbins, CEO of Glenview, will join the CVS board immediately, along with three other directors, resulting in a board expansion to 16 members.

According to CVS chairman Roger Farah, our discussions with Glenview leadership have led to the agreement that we can provide more value to our stakeholders through our integrated businesses.

The other new directors are Leslie Norwalk, Guy Sansone, and Doug Schulman. Glenview amassed a significant stake in the healthcare conglomerate and collaborated with management prior to Lynch's removal.

Robbins from Glenview stated that we value the board's cooperative approach, which enables all energies to be productively focused on enhancing the company's reputation.

This year has been challenging for CVS, particularly due to issues with its Medicare Advantage business. In response, the company conducted a strategic review and is now cutting costs through layoffs in a billion-dollar effort.

This season, several activist fights have resulted in settlements. In October, Elliott Management struck a deal with Southwest Airlines, securing six seats on the carrier's board. Additionally, Ancora settled with Norfolk Southern this month, averting a second proxy fight after the firing of CEO Alan Shaw.