Investing.com -- Express Scripts Holding Co (NASDAQ:ESRX) announced on Wednesday afternoon that CEO George Paz will enter retirement following the company's annual stockholder meeting next May, when he will be succeeded by company president Tim Wentworth.
In addition, the company said Paz will remain on the Board of Directors as its non-executive chairman following his retirement, while Thomas Mac Mahon will continue as its lead independent director. Wentworth joined the St. Louis-based pharmacy benefit management (PBM) organization in 2012 after its merger with Medco Health Solutions. In February, 2014 Wentworth was promoted to president of the largest PBM organization in the U.S.
"Tim is the right person to lead Express Scripts into the future," Paz said in a statement. "I have a high level of confidence in Tim that is shared by all of us who have seen him drive performance. I look forward to working with Tim, our senior leadership team and our Board as we continue to deliver for clients, patients and shareholders."
Previously, Wentworth led Medco's employer and key accounts organizations for a period that exceeded more than 12 years before the merger between the companies. Wentworth also spent five years at cosmetics giant Mary Kay, Inc. where he spent stints as the company's senior vice president of human resources, as well as the president of its international division. Wentworth received a bachelor's degree in industrial and labor relations from Cornell.
"I am honored to lead Express Scripts, a vital healthcare company powered by 30,000 people who are passionate about delivering the best pharmacy care to patients," Wentworth said in a statement. "Every day, we put medicine within reach of 85 million people by uniquely combining innovative solutions, specialized care and focused, industry-leading scale. I am excited about our future and how we will continue to change healthcare, while delivering better value, service and care to clients and patients."
In late-July, Express Scripts posted adjusted net income of $979.1 million for its second quarter of 2015, an increase of 4% on a year-over-year basis. Last year, U.S. prescription drug spending increased by more than 13%, driven by significant gains in Hepatitis C and compound medicine, according to the company.
Shares in Express Scripts were relatively flat in after-hours trading, falling 0.02 or 0.02% to 83.59.