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Express Scripts says George Paz will step down as CEO in May

Whitney Curtis | Bloomberg | Getty Images

Express Scripts, the largest pharmacy benefits management company in the U.S., said Wednesday that George Paz will retire as its CEO in May.

Tim Wentworth, who was named president of Express Scripts in February 2014, will replace Paz as CEO. Paz will remain chairman of the company, and Thomas Mac Mahon will remain lead independent director. The move is scheduled to happen after the company's next annual shareholder meeting.

Paz, 60, has been CEO of Express Scripts for 11 years and oversaw its $29.1 billion acquisition of former competitor Medco in April 2012. Wentworth, 55, was the CEO of Medco's specialty pharmacy business before the merger.

The St. Louis-based company handles prescription drug benefits for some 85 million people and manages 1 billion prescriptions a year. Express Scripts reported $100.89 billion in revenue in 2014.

Shares of Express Script Holding have gained 11 percent over the last year and closed at $83.61 on Wednesday. The stock fell 2 cents to $83.59 in aftermarket trading.