|
 |
|
|
|
|
|
|
|
Issue: 1129 Date: 4/12/2012
Become A Fan, Like St. Louis Chinese American News
|
|
The completion of Express Scripts' $29.1 billion acquisition of Medco
Three Medco execs headed to Express Scripts, St. Louis
|
|
|
| 請您關注和惠顧聖路易時報的廣告客戶，並向朋友推薦聖路易時報，感謝您的支持！ |
|
|
|
 |
|
| Express Scripts Inc's employees work inside the company's Research & New Solutions lab in St. Louis, Missouri on July 21, 2011. (Whitney Curtis/Bloomberg) |
|
|
Three top Medco executives will join Express Scripts' senior leadership team and plan to relocate to St. Louis, an Express Scripts official said Monday.
With the FTC's green light, the companies on Monday morning announced the completion of Express Scripts' $29.1 billion acquisition of Medco. The deal creates the largest pharmacy benefits manager (PBM) in the country, and the merged company is expected to generate $100 billion in annual revenue.
The Medco executives moving to Express Scripts are Glen Stettin, senior vice president of clinical, research and new solutions; Tim Wentworth, senior vice president of sales & account management; and Brian Griffin, a senior vice president of international and subsidiaries. Griffin's portfolio, in particular, represents a growth opportunity for Express Scripts, which currently does not do business outside the U.S.
Former Medco Chief Executive David Snow and others on Medco's executive team will not join Express Scripts. Snow and Wentworth were among five Medco executives who received maximum bonuses in 2011 due to "shareholder value" created by the Express-Medco deal. Snow's bonus was valued at $4.9 million, for a total pay package of $18.9 million.
Express Scripts CEO George Paz and other company officials traveled Monday to Medco's headquarters in Franklin Lakes, N.J., to meet with employees, according to Dr. Steve Miller, Express Scripts' chief medical officer, in an interview in St. Louis.
When asked about potential layoffs, he said Express Scripts has said it hopes to achieve $1 billion in savings. "We're not naive about what that means," he said. Though there are no immediate plans to reduce the workforce, Express Scripts is starting to "evaluate the entire company - both theirs and ours."
St. Louis-based Express Scripts employs 13,000 and had revenue of $45 billion in fiscal 2010. Medco has 20,000 employees and reported $66 billion in 2010 revenue.
Express Scripts is "optimistic" about its growth in St. Louis, where the combined company will be headquartered, according to Miller. "Much of the leadership will be in St. Louis," Miller said.
In addition to the three executives, two Medco board members will join the Express Scripts board, Miller said.
(St. Louis Business Journal by E.B. Solomont , Reporter. Date: Monday, April 2, 2012)
|
|
 |
|
|
|
