-
David P. King, current chairman, president and CEO of LabCorp, to
become executive chairman of the board of directors effective Nov. 1,
retiring Oct. 31 as president and CEO -
Adam H. Schechter, current lead independent director of LabCorp and
longtime Merck executive, to become president and CEO effective Nov. 1
BURLINGTON, N.C.–(BUSINESS WIRE)–LabCorp® (NYSE: LH), a leading global life sciences company that is
deeply integrated in guiding patient care, today announced that David P.
King, its chairman, president and CEO, will become executive chairman of
the board of directors on Nov. 1, retiring Oct. 31 as president and CEO.
Adam H. Schechter, current lead independent director of LabCorp’s board
and former Merck executive vice president and president of global human
health, will become president and CEO on Nov. 1. The board expects to
choose one of its members to be lead independent director at a later
date.
“I am immensely proud of what we have achieved during my nearly two
decades at LabCorp, including almost 13 years as CEO,” King said. “I
have been privileged to lead an outstanding executive team and nearly
61,000 mission-driven colleagues around the world, whose dedication to
improving health and improving lives has made LabCorp a global leader in
healthcare. To build on that momentum, the board of directors and I have
been engaged for the last several years in a planning process designed
to secure the best possible successor to take LabCorp to the next level
of achievement. Adam’s experience in global healthcare, demonstrated
leadership capabilities and strategic contributions as a board member
position him perfectly to succeed me as CEO. He knows our industry, our
company, and our strategy, and is uniquely suited to continue to build
on the power of our combined organization.”
Schechter has served as a LabCorp director since April 1, 2013, becoming
the company’s lead independent director in January of this year. He had
a long and distinguished career at Merck, where, among other
accomplishments, he focused on ensuring that Merck’s medicines and
vaccines were available to people around the world; led a large global
organization across the spectrum of commercial operations; transformed
Merck’s commercial model; and led the integration of Merck and
Schering-Plough. Schechter was a member of Merck’s executive committee
and held a number of professional, managerial, and executive roles with
the company. Prior to his most recent role as president of global human
health, Merck’s global pharmaceuticals and vaccines business, Schechter
served as president of the global pharmaceutical business from 2007 to
2010. Before that, he led Merck’s U.S. pharmaceutical business. He began
his career with Merck in 1988 as a sales representative.
“I am honored to succeed Dave, who is a visionary and highly respected
leader,” Schechter said. “I am deeply committed to continuing the
company’s noble mission and I look forward to strengthening our
leadership position in global life sciences as we execute our strategy.
On behalf of the board, I would like to thank Dave for his remarkable
legacy that includes leading LabCorp’s transformation from a pure-play
U.S. testing laboratory into a leading global life sciences company.
Dave positioned the company as a market leader in both laboratory
testing and global drug development, led the company to strong growth
over the past decade while navigating significant changes in government
healthcare reimbursement policy, and spearheaded the forward-thinking
acquisition and integration of Covance. Dave and his leadership team
built an outstanding foundation for LabCorp’s continued success and we
are deeply grateful.”
Under King’s leadership, LabCorp has tripled in size through a
combination of organic growth and strategic acquisitions. The company
does business in more than 100 countries, with nearly 61,000 employees
and revenue of more than $11 billion in 2018. During King’s tenure,
LabCorp entered the Fortune 500, was named to Fortune’s List of World’s
Most Admired Companies and Forbes’ ranking of The World’s Most
Innovative Companies, and earned the designation as a Best Place to Work
for LGBTQ Equality by the Human Rights Campaign Foundation. Prior to
becoming CEO on Jan. 1, 2007, King served as LabCorp’s executive vice
president and chief operating officer and as executive vice president of
strategic planning and corporate development. King joined LabCorp as
senior vice president, general counsel, and chief compliance officer in
2001 after serving for several years as the company’s principal outside
legal counsel.
About LabCorp
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life
sciences company that is deeply integrated in guiding patient care,
providing comprehensive clinical laboratory and end-to-end drug
development services. With a mission to improve health and improve
lives, LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster, and uses technology to improve
the delivery of care. LabCorp reported revenue of more than $11 billion
in 2018. To learn more about LabCorp, visit www.LabCorp.com,
and to learn more about Covance Drug Development, visit www.Covance.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but
not limited to statements with respect to the Company’s leadership,
future operations and opportunities. Each of the forward-looking
statements is subject to change based on various important factors, many
of which are beyond the Company’s control, including without limitation,
the performance of employees and executives, the willingness of
employees and executives to remain employed, competitive actions and
other unforeseen changes and general uncertainties in the marketplace,
changes in government regulations, including healthcare reform, customer
purchasing decisions, including changes in payer regulations or
policies, other adverse actions of governmental and third-party payers,
changes in testing guidelines or recommendations, the effect of public
opinion on the Company’s reputation, adverse results in material
litigation matters, failure to maintain or develop customer
relationships, our ability to develop or acquire new products and adapt
to technological changes, failure in information technology, systems or
data security, adverse weather conditions, and employee relations. These
factors, in some cases, have affected and in the future (together with
other factors) could affect the Company’s ability to implement the
Company’s business strategy and actual results could differ materially
from those suggested by these forward-looking statements. As a result,
readers are cautioned not to place undue reliance on any of our
forward-looking statements. The Company has no obligation to provide any
updates to these forward-looking statements even if its expectations
change. All forward-looking statements are expressly qualified in their
entirety by this cautionary statement. Further information on potential
factors, risks and uncertainties that could affect operating and
financial results is included in the Company’s most recent Annual Report
on Form 10-K and subsequent Forms 10-Q, including in each case under the
heading RISK FACTORS, and in the Company’s other filings with the SEC.
Contacts
Media: Pattie Kushner — 336-436-8263
Media@LabCorp.com
Investors: Clarissa Willett — 336-436-5076
Investor@LabCorp.com