LabCorp CEO Dave King To Retire

LabCorp has announced that its CEO Dave King, age 62, will be retiring, effective October 31, 2019. Starting on November 1, King will become Executive Chairman of the Board through at least the end of 2020. He will also act as senior advisor to LabCorp’s new CEO, Adam Schechter, age 54, over this same period.

King served as CEO for 13 years, starting in January 1, 2007. He originally
joined the Company in September 2001 as Senior Vice President, General Counsel, and Chief Compliance Officer.

During the course of his 18 years with LabCorp, King has accumulated 442,660 shares of LabCorp with a current value of approximately $74 million. Since King has been CEO, the company’s earnings per share have increased at an average annual rate of 8.5%, while its share price has increased by 6.9% per year.

More recently, King has also been serving as CEO of LabCorp’s Diagnostics Division since January 1, 2019. A LabCorp spokesperson says the company “continues to seek a top-notch executive to lead our Diagnostics business and expects to have an announcement in the coming months.” In the meantime, King will continue to run LabCorp’s Diagnostics business until a new leader is named.

Schechter has served on LabCorp’s Board since April 2013, and was an Executive Vice President at Merck & Co. from 2010 to 2018.