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CVS (CVS) stock fell more than 6% after news that the pharmacy chain will replace its CEO Karen Lynch with another company executive, David Joyner.

Shares have fallen nearly 20% this year as the company has been under pressure from Glenview Capital Management, a hedge fund that has been pushing for change, according to the Wall Street Journal, which first reported the news of Joyner’s appointment. CVS is reportedly exploring strategic options that could include a separation.

David Joyner, EVP of CVS Health and president of the chain’s pharmacy health services business, CVS Caremark, replaced Lynch on Thursday, CVS said. Lynch has been CEO since 2021. In an interview with the Journal, Joyner said the company would move forward unscathed.

CVS said in a news release Friday that it expects third-quarter adjusted earnings per share of $1.05 to $1.10, below Wall Street analysts’ forecast of 1.70, according to Bloomberg consensus estimates US dollars. CVS said investors should no longer rely on its previous full-year 2024 profit forecast – which has already been cut several times – given “ongoing elevated medical cost pressures in the health benefits segment.”