- Push-out Score determined
- After almost 13 years in the position
- Accolades, praise and thanks for King
- Adam Schechter taking over
- King will remain as executive chairman at LabCorp
- King spoke at length and said 142 words
(exechange) — Burlington, North Carolina, June 5, 2019 — Dave King, chief executive of LabCorp, leaves the position. As announced by Laboratory Corp. of America Holdings in a news release and in a regulatory filing published on Wednesday, June 5, 2019, David P. (Dave) King leaves his post as chief executive officer at the testing laboratories company after almost 13 years in the role, effective October 31, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.7 years, according to data compiled by exechange. Only 29 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Dave King’s duties will be taken over by Adam H. Schechter, a former executive vice president and president of global human health of Merck.
Already a director
Schechter is already a director of LabCorp. Directors-turned-executives represent a blend of outsider and insider.
“A planning process designed to secure the best possible successor”
Dave King’s departure from the CEO post is explained as follows. 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.”
King will remain as executive chairman at LabCorp
“Mr. King will continue to serve on the Board and remain an employee of LabCorp as Executive Chairman until no later than December 31, 2020, and as a Senior Advisor to the LabCorp Chief Executive Officer through at least December 31, 2020,” LabCorp said.
“Retire”
LabCorp said: “On June 5, 2019, Laboratory Corporation of America® Holdings … announced that David P. King, Chairman, President and Chief Executive Officer, notified the Board of Directors … on June 4, 2019, that he will retire as President and Chief Executive Officer of LabCorp on October 31, 2019.”
Share price increase since January 2007
The announcement follows an increase in Laboratory Corporation of America Holdings’s share price of 127 percent since January 2007.
In the position of CEO since 2007
King has served as Chairman of the Board, President, and Chief Executive Officer of the Company since May 6, 2009; prior to that date he served as a Director, President and Chief Executive Officer of the Company since January 1, 2007.
King served as Executive Vice President and Chief Operating Officer from December 2005 to January 2007, as Executive Vice President of Strategic Planning and Corporate Development from January 2004 to December 2005 and originally joined the Company in September 2001 as Senior Vice President, General Counsel, and Chief Compliance Officer.
Prior to joining the Company, he was a partner with Hogan & Hartson LLP (now Hogan Lovells US LLP) in Baltimore, Maryland from 1992 to 2001.
He also sits on the Boards of Directors of the Seattle Science Foundation, the American Clinical Laboratory Association, the Emily Krzyzewski Center, and Path, Inc., where he has served as Board Chair since January 2018. King is also on the Board of Trustees of Elon University.
King also served on the Board of Directors of Cardinal Health Inc., a public company, from 2011 until 2018.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to LabCorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2019 ($).