Express Scripts appoint new CEO

Express Scripts Holding Co. on Wednesday named Tim Wentworth to succeed George Paz as the company's CEO, effective in May 2016.

Paz, who has been CEO of Express Scripts since 2005, is retiring, but will remain on the company's board as its non-executive chairman.

"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, who is currently president of Express Scripts, said. "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 joined the company in 2013 when Express Scripts acquired Medco Health Solutions, Inc. He was named the president of the company in 2014. 

Express Scripts' acquisition of Medco provided it with more leverage in negotiations with drugmakers for discounts on behalf of insurers and employers.

"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," Thomas Mac Mahon, lead independent director of Express Scripts, said. "The board is impressed by Tim's leadership, deep industry knowledge, outstanding communication skills and his ability to execute against our strategy."