Total compensation for Express Scripts Chairman and CEO George Paz slid 17 percent in 2011, matching a drop the pharmacy benefits manager's stock took largely after it announced a $29.1 billion acquisition of competitor Medco Health Solutions Inc. last July.

Paz, 56, received compensation valued at $8.5 million, according to an Associated Press analysis of the St. Louis company's annual proxy statement filed with the Securities and Exchange Commission. That compares to a total of $10.3 million in 2010.

The 2011 compensation consisted mostly of stock and option awards adding up to $7.2 million. It also included a $1.1 million salary and $200,211 in other compensation.

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