Express Scripts names Wal-Mart executive as CFO

ST. LOUIS (AP) -- Express Scripts Holding Co. has named Wal-Mart executive Cathy R. Smith to become its next chief financial officer, several months after the last CFO's departure surprised some analysts who cover the nation's largest pharmacy benefits manager.

The St. Louis company said Smith, 50, also will serve as executive vice president and will start her new job Feb. 10. She has served as executive vice president and chief financial officer for Walmart International since March 2010. She also has served as a chief financial officer at the video game retailer GameStop Corp.

Smith's initial base salary will be $725,000, and she will receive a one-time signing bonus of $500,000 as well as some restricted stock units.

Express Scripts runs prescription drug plans for employers, insurers and other customers. Express Scripts and other PBMs process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies.

The company announced in July that Jeff Hall would no longer serve as its chief financial officer.

Cowen and Co. analyst Charles Rhyee said at the time that the announcement was a major surprise, and it could prove to be a positive catalyst as Express Scripts executives push their message about growth opportunities for the company.

Express Scripts shares closed at $72.62 on Monday. The stock climbed 30 percent last year before closing 2013 at $70.24.