Robert E. Mittelstaedt, Jr. to Retire from LabCorp Board of Directors and Current Board Member Adam H. Schechter to Assume Role of Lead Independent Director in 2019
Mittelstaedt will retire from the board pursuant to the company’s mandatory retirement policy which provides that when a director reaches the age of 75 he or she is not eligible to stand for re-election at the next regularly scheduled annual shareholder meeting. Mittelstaedt became a director of LabCorp in 1996, chaired board executive sessions beginning in 2006, and then served as the lead independent director beginning in 2009. He has also served on various board committees, including as chair of the Nominating and Corporate Governance Committee, chair of the Compensation Committee and as a member of the Audit Committee.
“Bob has been an exceptional board member and has made tremendous contributions to LabCorp during his years of service,” said David P. King, chairman and chief executive officer. “At the time he joined the board, LabCorp faced a number of significant challenges. Bob’s steady leadership and strategic thinking were instrumental in overcoming those challenges and ultimately transforming the company. Bob has served with distinction as a board member, a committee chair and as our lead independent director. Bob has also been a trusted advisor to me and has helped me become a better leader. On behalf of the board and LabCorp, as well as from a personal perspective, I wish to express gratitude for his invaluable leadership and years of dedicated service to the company.”
Schechter, executive vice president and president,
“We are delighted that Adam, one of the most highly respected executives in global healthcare, will succeed Bob as our lead independent director,” said King. “Adam is an enormously talented executive with a deep understanding of the U.S. and global healthcare environments, and he has already brought great value to LabCorp in his five years on our board. As lead independent director, he will continue to provide invaluable leadership and strategic insights to LabCorp. Adam’s extensive business and management experience at Merck includes leadership roles across a broad range of commercial and strategic areas, including sales, marketing, strategy, product development and business development.”
Schechter joined Merck in 1988 as a sales representative and held a number of professional, managerial and executive roles with the company prior to his current role as president of
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