Express Scripts CFO Cathy Smith Quits; Raises Share Buyback, Reaffirms Guidance

(RTTNews) - Pharmacy benefits manager Express Scripts (ESRX) said Monday its Executive Vice President and Chief Financial Officer Cathy Smith has resigned in order to pursue other interests. Smith will continue her employment into the first quarter of 2015 in order to facilitate a smooth transition.

Express Scripts said it has named James Havel as executive vice president and interim chief financial officer effective January 2, 2015. Havel will join from Major Brands Holdings, a privately held beverage distribution company, where he has served as the CFO since April 2012. Havel also spent about 34 years with Ernst & Young LLP, beginning his career in 1976.

Also Express Scripts said its board approved an increase in its buyback program by an additional 65 million shares, or a total authorization of 205 million shares, of the company's common stock.

The company is reaffirming its full year 2014 adjusted earnings of $4.86 to $4.90 per share, which maintains the mid-point of $4.88.

Analysts polled by Thomson Reuters currently expect the company to report earnings of $4.88 per share for 2014. Analysts' estimates typically exclude special items.