Walmart Inc (NYSE: WMT) healthcare executive Cheryl Pegus will join JP Morgan Chase & Co’s (NYSE: JPM) Morgan Health venture as a managing director, aiming to improve employer-sponsored health care.
Pegus, a cardiologist with a master’s in public health, joined Walmart less than two years ago as executive vice president of health and wellness, Bloomberg reports.
During her tenure, the company acquired the small telehealth provider MeMD, launched new low-cost insulin, and signed a deal with UnitedHealth Group Inc (NYSE: UNH) to care for Medicare patients at Walmart Health centers.
The move creates a vacancy at the nation’s largest retailer, as rivals like Amazon.com Inc (NASDAQ: AMZN) and CVS Health Corp (NYSE: CVS) broaden their reach into the $4 trillion U.S. healthcare industry.
Also Read: Amazon Loses Key Healthcare Officials
As a managing director at Morgan Health, she’ll work with the company’s venture group investing $250 million in innovative health companies. Pegus said the opportunity to develop new approaches to health care that other large employers can replicate drove her.
The report cited Dan Mendelson, Morgan Health’s CEO, who said that Pegus would bring clinical expertise to the bank’s effort to improve care in mental health, diabetes, and other chronic diseases.
“Everything that we are doing at Morgan Health is intended to be reproducible and scalable across employers,” Mendelson said.
Pegus will stay on as a senior adviser to Walmart.
Price Action: JPM shares closed higher by 0.98% at $133.84 on Friday.
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