8-KLeadership ChangesExhibits & Filings

QUEST DIAGNOSTICS INC 8-K Report, Executive Changes (Aug 1, 2013)

Filed August 1, 2013For Securities:DGX

Summary

Quest Diagnostics Inc. (DGX) announced the departure of its Senior Vice President and Chief Financial Officer, Robert A. Hagemann, effective July 31, 2013. Mr. Hagemann served in this role until July 29, 2013. This filing details the terms of his separation, including his entitlement to benefits under the Company's Executive Officer Severance Plan. Further, Mr. Hagemann has entered into a consulting agreement to provide services to Quest Diagnostics until February 28, 2014, for which the company will pay him $633,035. This transition marks a significant change in the company's financial leadership, and investors will want to monitor the appointment of a new CFO and the continued financial performance under new leadership.

Key Highlights

  • 1Robert A. Hagemann has departed as Senior Vice President and Chief Financial Officer, effective July 31, 2013.
  • 2Mr. Hagemann is entitled to benefits under the Company's Executive Officer Severance Plan.
  • 3A consulting agreement has been established for Mr. Hagemann to provide services until February 28, 2014.
  • 4Quest Diagnostics will pay Mr. Hagemann $633,035 for his consulting services.
  • 5The consulting agreement is detailed in Exhibit 10.1 filed with this report.
  • 6The company has identified a new chief financial officer, though their name is not disclosed in this specific filing.

Frequently Asked Questions

Robert A. Hagemann's departure as CFO was announced as contingent upon the company identifying a new chief financial officer. His termination of employment was effective July 31, 2013.

Mr. Hagemann will receive benefits under Quest Diagnostics' Executive Officer Severance Plan. He has also entered into a consulting agreement for which he will be paid $633,035.

Yes, Mr. Hagemann has agreed to provide consulting services to Quest Diagnostics until February 28, 2014, as part of his separation arrangement.

The filing states that the company identified a new chief financial officer, indicating that a successor is in place, although their name is not provided in this particular 8-K filing.