Elevance Strengthens Board with Former Cencora CEO Steve Collis

Elevance Health, a major player in the health insurance industry, has announced the appointment of Steve Collis to its board of directors. Collis, the former CEO and current executive chair of Cencora's board, brings decades of experience in pharmaceutical distribution to Elevance as the company continues to expand its pharmacy services division.

Strategic Addition to Elevance's Leadership

Effective August 1, 2025, Steve Collis will join Elevance's board, serving on both the audit and finance committees. His term is set to run through 2027, marking a significant addition to the company's leadership structure. Ramey Peru, Elevance's board chair, highlighted Collis's "distinguished record of leadership, transformation, and operational excellence" as key attributes aligning with the company's strategic objectives.

Collis's extensive background in the pharmaceutical sector, including his 30-year tenure at Cencora (formerly AmerisourceBergen), positions him as a valuable asset for Elevance. His experience is expected to be particularly beneficial as the company continues to develop its Carelon health services division, which includes the growing CarelonRx pharmacy benefits manager.

Carelon's Growth and Future Prospects

Despite challenges in its traditional insurance business, Elevance has seen substantial growth in its Carelon division, particularly in pharmacy services. CarelonRx reported a 20% increase in revenue and an 8% rise in operating profit during the second quarter of 2025. The company attributes this success to securing deals with larger customers and expanding its specialty pharmacy assets.

Peter Haytaian, president of Carelon Rx, emphasized the division's strong performance across various market segments: "We continue to do well, down market and middle market but also we're seeing an expansion at the upper end of the market with some large jumbo accounts." Haytaian also indicated ongoing investments to support this growth trajectory.

Industry Implications and Future Outlook

The appointment of Steve Collis to Elevance's board signals the company's commitment to strengthening its position in the evolving healthcare landscape. As the lines between traditional health insurance and pharmacy services continue to blur, Elevance's strategic moves reflect a broader industry trend towards integrated healthcare solutions.

With Collis's expertise in pharmaceutical distribution and Elevance's growing focus on pharmacy services, the company appears well-positioned to navigate the complex challenges and opportunities in the healthcare sector. As the industry continues to evolve, Elevance's efforts to bolster its leadership and expand its service offerings may set the stage for significant developments in the coming years.