Kevin Fischbeck
BofA Securities, Research Division

All right, great. I want to thank everyone for joining us. It's my pleasure to be hosting this conference with The Cigna Group. Today we have Brian Evanko, who is the incoming CEO of the company. And we also have Ralph Giacobbe and Jeff Rook in the audience as well. But -- so maybe just jump right into Q&A, if that's okay.

Brian Evanko
President, COO & Director

Sure.

Kevin Fischbeck
BofA Securities, Research Division

All right. So I mean, I guess, you're one of the major overhangs it seems for the stock right now is just on the PBM business. There's a big transition going through from your model from the rebate-based model into this new signature model, rebate-free model. Can you talk a little bit about why you did it, what you're going to expect to get from it and how we should think about the earnings impact as you transition?

Brian Evanko
President, COO & Director

Sure, Kevin, and thanks to you and Bank of America for hosting us this conference. We appreciate that. Maybe I'll give you a little bit of the background for how we got to the new signature model, and then I'll address some of the specific questions you were asking about.

If you think about the challenges with pharmacy benefits in America, there's a few words that bubble to the top, affordability, personalization, transparency, predictability. Each of those represent opportunities for the industry to perform better on behalf of patients, plan sponsors like employers and all their family members.