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Express Scripts Names New CFO
From the Wall Street Journal of Mon, 15 Dec 2014 17:06:00 EST

Pharmacy-benefit manager Express Scripts Holding Co. has named a premium beverage distributor executive as its interim chief financial officer.

James M. Havel, who has held a similar post at Major Brands Holdings, Missouri’s largest wholesale distributor of wines and spirits, will take over the post on Jan. 2, the company said Monday. Mr. Havel worked for more than 30 years for Ernst & Young LLP.

The St. Louis-based company said its current finance chief, Cathy R. Smith stepped down from the post effective Dec. 10 to pursue other interests, but will remain on to help with the transition. No additional information was provided.

Mr. Havel’s base annual salary was set at $725,000 and he will be eligible to make up to that amount as a bonus, according to a filing with the Securities and Exchange Commission. He will receive a one-time $110,000 signing bonus and a $2.5-million stock award, which will vest in three years. Under the terms of his contract, Mr. Havel will also be eligible for annual equity awards.

On Dec. 10, the company’s board increased the number of shares it can buy back by 65 million to a combined authorization of 205 million shares.

The company also backed its earnings projections for the year.

The company, which manages drug-benefit programs for health plans and corporate customers, has been struggling with integration challenges from its Medco Health acquisition and customer losses.

In October, Express Scripts reported its profit rose 36% as the pharmacy-benefits manager recorded slightly lower revenue but better margins.

Write to Maria Armental at maria.armental@wsj.com



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