Express Scripts CEO George Paz to retire in May
(Reuters) — Pharmacy benefit manager Express Scripts Holding Co. said Chief Executive George Paz will retire in May and President Tim Wentworth will succeed him.
Paz, who has been CEO since April 2005, will stay on as non-executive chairman, the company said on Wednesday.
Under Paz's leadership, Express Scripts acquired Medco Health Solutions Inc. for about $29 billion in 2012, its biggest acquisition that also made it the largest manager of pharmacy benefit plans in the United States.
The company has not made any major acquisitions since then, despite reports that it would participate in the recent flurry of deal making in the healthcare industry.
Pharmacy benefit managers have been buying drug distributors to scale up and negotiate better prices. The latest of such deals was UnitedHealth Group Inc.'s $12.8 billion acquisition of Catamaran Corp.
Evercore ISI analyst Ross Muken said he did not expect a shift in the company's strategy under the new CEO, adding that over time Wentworth "may be open to a more diverse set of growth opportunities".
Wentworth, who came from Medco, has been president at Express Scripts since February 2014. He had also worked at PepsiCo Inc.
Express Scripts shares were little changed in trading after the bell. They closed down 1% at $83.61 on the Nasdaq.
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