01—Abstract
Summary
Summary of the 8-K filed November 19, 2024. Cited figures are marked; the original filing is the authoritative source.
Labcorp Holdings Inc. (LH) disclosed in this Form 8-K, filed November 19, 2024, that Chief Financial Officer Glenn Eisenberg intends to retire effective April 30, 2025.
He will step down as Executive Vice President and CFO effective December 2, 2024 (the Transition Date) and serve as Special Advisor to the Chief Executive Officer from that date through his retirement, working on the transition of his role and on strategic initiatives. Julia Wang, age 54, was appointed Executive Vice President and Chief Financial Officer, effective on the Transition Date. Ms. Wang most recently served as CFO of BeiGene, Ltd. (June 2021 to July 2024) and previously held finance roles at Alexion Pharmaceuticals, Inc., Quest Diagnostics Incorporated, and Johnson & Johnson.
Her compensation includes an annual base salary of $725,000,a a 2025 annual bonus target of 100% of base salary under the Bonus Plan, a $400,000 sign-on bonus paid in two $200,000 installments, and sign-on equity grants with a stated value of $1,920,000 in performance shares and $640,000 in stock options and restricted stock units combined with options, subject to vesting consistent with 2024 executive equity awards. The press release furnished as Exhibit 99.1 quotes management describing Mr. Eisenberg's tenure as CFO for ten years, during which Labcorp completed approximately 100 acquisitions, invested around $11 billion, and returned over $6 billion to shareholders through share repurchases and dividends.
02—Key points
Key Highlights
- Glenn Eisenberg notified Labcorp on November 15, 2024 of his intention to retire effective April 30, 2025, and steps down as CFO effective December 2, 2024.
- Julia Wang, age 54, was appointed Executive Vice President and Chief Financial Officer, effective December 2, 2024.
- Mr. Eisenberg will serve as Special Advisor to the CEO from the Transition Date through his retirement, supporting the CFO transition and strategic initiatives.
- Ms. Wang's base salary is $725,000, with a 2025 bonus target of 100% of base salary.
- Ms. Wang receives a $400,000 sign-on bonus, with $200,000 payable 30 days after the Transition Date and $200,000 on the one-year anniversary.
- Sign-on equity grants include performance shares valued at $1,920,000, time-based stock options with a $640,000 grant-date fair value, and restricted stock units valued at $640,000.
- Per the press release (Exhibit 99.1), Mr. Eisenberg's tenure over ten years saw roughly 100 acquisitions costing around $11 billion and over $6 billion returned to shareholders.
03—Questions
Frequently Asked Questions
Who is replacing Glenn Eisenberg as CFO?
Julia Wang, most recently CFO of BeiGene, Ltd., was appointed Executive Vice President and Chief Financial Officer, effective December 2, 2024.
When does Glenn Eisenberg leave the company?
He notified Labcorp on November 15, 2024 of his intention to retire effective April 30, 2025. He steps down as CFO on December 2, 2024 and serves as Special Advisor to the CEO until his retirement.
What is Julia Wang's compensation package?
She receives a $725,000 base salary, a 2025 bonus target of 100% of base salary, a $400,000 sign-on bonus paid in two installments, and sign-on equity grants with stated values of $1,920,000 in performance shares and $640,000 in stock options and restricted stock units.
What is Ms. Wang's background?
She previously served as CFO of BeiGene, Ltd. from June 2021 to July 2024 and as Senior Advisor there from July to August 2024. Earlier roles include Senior Vice President at Alexion Pharmaceuticals, Inc., finance leadership at Quest Diagnostics Incorporated, and CFO of operating businesses at Johnson & Johnson.
What did management say about Mr. Eisenberg's tenure?
In the press release, the CEO credited Mr. Eisenberg with more than doubling revenues from organic growth and acquisitions, delivering double-digit compound annual total shareholder returns, and overseeing about 100 acquisitions, roughly $11 billion invested, and over $6 billion returned to shareholders.
04—Continue