CVS Health has added four new members to its board, including Larry Robbins, CEO of Glenview Capital, as part of a standstill agreement with the activist investor. The Rhode Island-based company has been under pressure to enhance operations and boost shareholder value amid rising medical costs in its Aetna health insurance unit. Glenview, holding a 0.95% stake as of September 30, negotiated undisclosed provisions in its agreement with CVS. Other activist shareholders, such as Third Point and Sachem Capital, also have minor stakes in the company. Shares of CVS rose 2% to $54.30 in premarket trading following the announcement.

The board expansion follows significant changes at CVS, including appointing Steve Nelson, a former UnitedHealth executive, to lead Aetna and replacing CEO Karen Lynch with David Joyner to address operational challenges. Robbins, a self-proclaimed constructivist shareholder, has engaged with CVS leadership but did not advocate for a company breakup. Three other Glenview executives—Leslie Norwalk, Guy Sansone, and Doug Shulman—will also join the board, bringing the total members to 16. Analysts believe the changes reinforce CVS’s ongoing strategic shift but may not signal a dramatic departure from its current trajectory.