Oct 22 Reuters CVS Health last week named as CEO a triedandtested 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.

Following pressure from an activist investor, CVS hired David Joyner to replace Karen Lynch. During her threeandahalf year tenure, CVS39; stock fell nearly 11. The company has cut its 2024 profit forecast three times, blaming an increase in Medicarerelated costs.

A few weeks earlier, Nike had hired former senior executive Elliott Hill to succeed John Donahoe as president and CEO, as it efforts to revive sales and battle competition.

Boeing named aerospace industry veteran Kelly Ortberg as its CEO earlier this year to turn around the planemaker beset by legal and regulatory problems.

Investors tend to be comforted when someone with a track record comes in, said Brian Jacobsen, chief economist at Wisconsinbased Annex Wealth Management.

It39;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.

CEO departures jumped 15 to 1,450 between January and August, from the same period a year earlier, according to a report from outplacement firm Challenger, Gray and Christmas. The report cited economic uncertainty as one of the main reasons for leadership…