FRANKLIN LAKES, N.J., Sept. 25 Medco Health Solutions, Inc. (NYSE: MHS) today announced the following organizational changes to further enhance its products and services for clients and members:
Timothy Wentworth has been named Group President, Employer Accounts, effective immediately. Formerly president and CEO of Accredo Health Group, Inc., Tim will now lead Medco's Employer Accounts Customer Group, responsible for Medco's self-insured clients, large and small; and
Steven Fitzpatrick, formerly chief operating officer of Accredo, will assume the role of President of Accredo, responsible for continuing the momentum of specialty pharmacy as one of the fastest growing segments in health care and advancing the company's high marketplace performance and clinical excellence.
"With its new scale, the timing is right to optimize and leverage Medco's operational capabilities, while at the same time honoring Accredo's unique attributes -- including deep relationships with patients, physicians, payors and pharmaceutical manufacturers," said Kenny Klepper, Medco president and chief operating officer. "These changes underscore the synergies possible across all our business organizations, and I am confident that Tim and Steve will continue to take these positions to new heights.
"During his tenure in Memphis, Tim led the rapid and successful integration of Accredo into the mainstream of Medco. At the time of the acquisition, Accredo contributed about $3 billion in revenue; today it's on track to exceed $7 billion.
"Steve has distinguished himself as a dynamic business executive with a deep understanding of Accredo's business. Along with his Memphis-based leadership team, Steve will continue Tim's good work and will take the next steps in sharing Accredo's best practices across Medco, while at the same time tapping Medco's resources to the benefit of Accredo."
Medco Health Solutions, Inc. (NYSE: MHS) is the nation's leading pharmacy benefit manager based on its 2007 total net revenues of more than $44 billion. Medco's prescription drug benefit programs, covering approximately one-in-five Americans, are designed to drive down the cost of pharmacy health care for private and public employers, health plans, labor unions and government agencies of all sizes, for individuals served by the Medicare Part D Prescription Drug Program, and those served by Medco's specialty pharmacy segment, Accredo Health Group. Medco, the world's most advanced pharmacy(R), is positioned to serve the unique needs of patients with chronic and complex conditions through its Medco Therapeutic Resource Centers(R), including its enhanced diabetes pharmacy care practice through the Liberty acquisition. Medco is the highest-ranked independent pharmacy benefit manager on the 2008 Fortune 100 list. On the Net: http://www.medco.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
SOURCE Medco Health Solutions, Inc.