Timothy C. Wentworth
Also at Walgreens Boots Alliance Inc
About
Timothy C. Wentworth, born in 1959 and currently 64 years old, has built a robust foundation through his academic achievements. He holds an associate’s degree in business from Monroe Community College and earned a bachelor’s degree in industrial and labor relations from Cornell University.
Throughout his extensive career, he has held influential leadership positions in major organizations such as PepsiCo, Mary Kay, Medco Health Solutions, and Express Scripts, where his guidance helped transform the company into a Fortune 22 entity with over $100 billion in revenue and 26,000 employees.
Since joining WBA on October 23, 2023, he assumed the role of Chief Executive Officer and became a member of the board of directors, driving strategic initiatives to enhance operational performance and create greater value for shareholders, patients, and employees.
$WBA Performance Under Timothy C. Wentworth
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| The Cigna Group | CEO, Evernorth Health Services | September 2020 - December 2021 | Role held immediately prior to joining WBA |
| The Cigna Group | President, Health Services | February 2020 - December 2021 | Concurrent role with Evernorth health services leadership |
| The Cigna Group | President, Express Scripts and Cigna Services | December 2018 - February 2020 | Oversaw integrated healthcare services |
| Express Scripts, Inc. | CEO | May 2016 - December 2018 | Led the company through strategic initiatives |
| Express Scripts, Inc. | Various Management Positions | April 2012 - May 2016 | Held multiple leadership roles |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $1,500,000 | Annual | Fixed annualized base salary; subject to future adjustments by the CLP Committee |
| Relocation Benefits | Not utilized in 2024 | N/A | Benefits eligible to induce his hire; no usage during fiscal 2024 |
| Corporate Aircraft Usage | $179,394 | Fiscal Year Usage | Personal use up to 75 hours per fiscal year; incremental cost incurred in 2024 |
| Executive Severance and Change in Control Plan | N/A | N/A | Covered under the plan in the event of termination or change in control; no specific dollar amount provided |
Performance Compensation
Annual Bonus
| Metric | Details |
|---|---|
| Target Bonus | $3,000,000 (200% of base salary) |
| Threshold | 50% of target: $1,500,000 |
| Maximum Award | 200% of target: $6,000,000 |
| Performance Goals | Based on pre-established financial and non-financial objectives under the Management Incentive Plan (MIP) |
| Individual Performance Factor | Adjustable by up to +20% or down by up to 100% based on individual performance |
| Proration | Bonus prorated due to Mr. Wentworth's start date on October 23, 2023 |
Long-Term Incentives
| Metric | Details |
|---|---|
| Initial Grant Value | $12,000,000 (grant date value) |
| Grant Composition | 50% Performance Stock Units (PSUs) and 50% Restricted Stock Units (RSUs) |
| Vesting Schedule | Vest over three years; RSUs vest in one-third increments on the first, second, and third anniversaries of the grant date |
| Performance Metrics for PSUs | Tied to adjusted EPS growth and revenue growth performance; specific thresholds/targets not detailed |
| Other Conditions | Awards subject to forfeiture in certain circumstances or accelerated vesting upon retirement |
| Grant Date Stock Price | Not applicable/unspecified |
No further detailed quantitative performance metrics such as exact performance thresholds, weights, or evaluation period specifics are available for 2024.