CVS CVS Health Corporation

By Colin Kellaher

CVS Health Corp. (CVS) Monday said it will reduce the size of its board to 13 directors from 16 in a bid to further align with corporate-governance best practices.

The Woonsocket, R.I., healthcare-services giant said current directors Richard Swift, Richard Bracken and Mark Bertolini won't stand for reelection at its annual shareholder meeting this year.

According to a 2014 study by governance researchers GMI Ratings prepared for The Wall Street Journal, small boards at major corporations foster deeper debates and more nimble decision-making, resulting in considerably greater rewards for investors.

CVS said Mr. Swift, a board member since September 2006, is reaching the mandatory retirement age, while Mr. Bracken, director since January 2015, is retiring.

Mr. Bertolini, the former chairman and chief executive of Aetna Inc., joined the board in November 2018 after CVS completed its acquisition of Aetna. CVS said Mr. Bertolini is leaving the board following the successful integration of the companies.

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

(END) Dow Jones Newswires

February 03, 2020 09:04 ET (14:04 GMT)

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