After more than a decade at the helm, Express Scripts Holding Co.’s George Paz is retiring as chief executive. On Wednesday, he’ll hand the reins to president Tim Wentworth, who will lead the company that Paz has grown into the nation’s largest pharmacy benefit manager.
Paz, 60, will remain as chairman of the board at the company, based in north St. Louis County.
When Paz first joined Express Scripts as chief financial officer in January 1998, the company had annual revenue of about $1.2 billion. When he was promoted to CEO, revenue had reached $15 billion. Last year, revenue totaled $102 billion.
Despite Paz’s success, the transition may not be without challenges. Wentworth will take over at a time when Express Scripts is in a contract dispute with its largest client, Indianapolis-based Anthem, which is demanding that Express Scripts pass along billions of dollars in additional savings on prescription drug costs.
Paz, who first announced the succession plans in September, declined to be interviewed.
Read more: St. Louis Post-Dispatch