8-KLeadership Changes

QUEST DIAGNOSTICS INC 8-K Report, Executive Changes (Apr 1, 2019)

Filed April 1, 2019For Securities:DGX

Summary

Quest Diagnostics Inc. (DGX) announced a significant internal promotion on April 1, 2019, appointing Michael J. Deppe as Vice President, Corporate Controller and Chief Accounting Officer. Mr. Deppe, a long-tenured employee since 1998, has held various finance and accounting leadership positions within the company, including Vice President of Finance for Enterprise Operations and IT. This appointment signifies a move to strengthen the company's accounting and financial reporting leadership with internal talent. The promotion comes with adjustments to Mr. Deppe's compensation, including an increase in base salary, bonus target, and equity awards, positioning his total direct compensation competitively with industry medians for similar roles at comparable companies. While specific details of a potential equity award are not yet disclosed, the company has committed to filing an amendment to this 8-K to provide this information. Investors should note that Mr. Deppe is not considered an executive officer and there are no disclosed related-party transactions or family ties that would raise governance concerns.

Key Highlights

  • 1Michael J. Deppe appointed Vice President, Corporate Controller and Chief Accounting Officer, effective April 1, 2019.
  • 2Mr. Deppe has extensive experience with Quest Diagnostics, having been with the company since 1998.
  • 3The appointment reflects internal talent development and a strengthening of financial leadership.
  • 4Mr. Deppe's compensation will be adjusted to include increased base salary, bonus target, and equity awards.
  • 5His total direct compensation is expected to be aligned with the median for comparable roles at similar U.S. companies.
  • 6Details regarding a potential equity award are pending and will be disclosed in an amendment to the filing.
  • 7Mr. Deppe will not be classified as an executive officer of the company.

Frequently Asked Questions

Michael J. Deppe has been appointed as the Vice President, Corporate Controller and Chief Accounting Officer, effective April 1, 2019.

Mr. Deppe has a long history with Quest Diagnostics, joining the company in 1998. He has held various finance and accounting leadership roles, including Vice President, Finance - Enterprise Operations and IT, and Executive Director, Finance - Financial Planning and Analysis & Management Reporting.

Yes, in connection with his appointment, Mr. Deppe's compensation arrangements will be adjusted, including increases to his base salary, bonus target percentage, and the value of his annual equity award. His total direct compensation will be aligned with the median for similar roles at comparable companies.

The filing states that Mr. Deppe is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K, and there are no family relationships between him and any director or executive officer of the company, mitigating potential governance concerns.