By Colin Kellaher

CVS Health Corp. on Friday said Larry Merlo, its president and chief executive, plans to retire next year.

The Woonsocket, R.I., healthcare-services giant said Karen Lynch, currently executive vice president of CVS and president of its Aetna unit, will succeed Mr. Merlo as president and CEO, effective Feb. 1.

Ms. Lynch will also join the board on that date, the company said.

CVS said Mr. Merlo, who joined the company as a community pharmacist more than 40 years ago and has been president and CEO for a decade, will serve as an adviser to assist with the transition until his retirement on May 31.

The company said Mr. Merlo will also remain on the board until the next annual shareholder meeting in May 2021.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

11-06-20 0711ET