CVS Health last week named as CEO a tried-and-tested company veteran, the latest in a handful of firms this year that have turned to an experienced executive to take the helm, hoping to quell investor concerns amid economic uncertainty.
“Investors tend to be comforted when someone with a track record comes in,” said Brian Jacobsen, chief economist at Wisconsin-based Annex Wealth Management.
“It’s one thing if there is a new division or new opportunity, but when there are challenging times, investors often prefer someone who has been through a few economic cycles.”
A record number of CEOs have quit in the U.S. this year.
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