LabCorp CEO Reshuffles Executive Team to Set New Direction
Come January 1, 2009, Laboratory Corporation of America (NYSE:LH) will have new players on its executive team. These changes demonstrate that David King, who took the reins as LabCorp’s new President and CEO about two years ago, is actively reshaping senior leadership to better fit his vision for the nation’s second largest clinical laboratory company.
As of January 1, Bradford T. Smith is retiring from his position as Executive Vice President, Corporate Affairs and Chief Legal Officer. Smith has had long and continuous service at LabCorp, as well as at Roche Biomedical Laboratories prior to its acquisition by LabCorp. Another significant change to the executive line-up at LabCorp is the departure of Myla Lai-Goldman M.D., who has served as Executive Vice President, Chief Scientific Officer, and Medical Director since 1998. Lai-Goldman also has deep roots at LabCorp, having established the advanced molecular diagnostics laboratory at Research Triangle Park for Roche Biomedical Laboratories back in the 1980s.
Another new member of the executive team is William Bonello, who joined LabCorp on December 8, 2008, as Senior Vice President of Investor Relations. Bonello is familiar to clients of The Dark Report because of his coverage of the clinical laboratory industry as a Managing Director and Senior Equity Research Analyst for Wachovia Capital Markets, LLC for the past six years.
The investor relations position became available when Eric Lindblom, who had held that position, was given new management responsibilities by King. Lindblom is now responsible for several strategic responsibilities, including the LabCorp 2010 initiative.
When LabCorp was originally created by the merger of National Health Laboratories and Roche Biomedical Laboratories in 1995, it experienced some management turnover as executives from both companies adjusted to responsibilities in a single corporation. However, by the late 1990s, LabCorp has enjoyed relative stability in its executive management team. Even since David King’s appointment as CEO at the time that Thomas MacMahon moved to Chairman at the end of 2006, the management line-up at LabCorp has remained stable.
Pathologists and laboratory directors will want to watch how the evolution from LabCorp’s old guard to its new guard shows up in the company’s competitive stance in the marketplace and in new business strategies.