Express Scripts said late Wednesday that Wentworth will take the helm as CEO in May 2016 after the pharmacy benefits management (PBM) company’s annual shareholders meeting, when Paz’s retirement is due to become effective.
“I am honored to lead Express Scripts, a vital health care 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 health care while delivering better value, service and care to clients and patients.”
Wentworth was named president of Express Scripts in February 2014. He previously served as senior vice president and president of sales and account management. He joined Express Scripts following the company’s merger with Medco Health Solutions Inc. in April 2012. At Medco, he led the employer and key accounts organizations for nearly 14 years and also served as president and CEO of Accredo, the company’s specialty pharmacy.
“Tim is the right person to lead Express Scripts into the future,” Paz stated. “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.”
Plans call for Paz to remain on the Express Scripts board as nonexecutive chairman, and Thomas Mac Mahon will continue as lead independent director.
Paz has served as CEO since 2005 and was elected chairman in 2006. He joined Express Scripts in 1998 as senior vice president and chief financial officer.
“With Tim taking on the role of CEO and George remaining as chairman, we are positioned to continue executing the strategy that has made Express Scripts successful,” Mac Mahon commented. “The board is impressed by Tim’s leadership, deep industry knowledge, outstanding communication skills and his ability to execute against our strategy. We are deeply appreciative of George’s extraordinary leadership during his 17 years with Express Scripts and 11-plus years as CEO, as he transformed our company, our industry and health care overall. We are pleased he will continue as chairman following the stockholder meeting next May.”