Quest Diagnostics Initiates CEO Succession Process
-- Surya Mohapatra to Remain Chairman and CEO to Ensure Smooth Transition --
Oct 25, 2011
MADISON, N.J., Oct. 25, 2011 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX) today announced that its Board of Directors has begun the process of identifying a successor to Surya N. Mohapatra, Ph.D., President, Chairman and Chief Executive Officer. The Board of Directors has formed a search committee, engaged a leading executive recruitment firm and will consider both external and internal candidates.
Dr. Mohapatra has agreed to continue to serve as Chairman and CEO for up to six months to ensure a smooth transition.
Daniel C. Stanzione, Ph.D., Lead Independent Director, said: "Under Surya's leadership Quest Diagnostics has established itself as a patient-focused healthcare company. It has built an engine for growth in esoteric and gene-based testing, focused on the critically important areas of cancer, cardiovascular disease, infectious disease and neurological disorders. The company has a solid foundation for the future, and will continue to focus on delivering strong operating performance and increased shareholder value while we progress through this transition. The company and the healthcare industry have benefited greatly from Surya's leadership and vision."
"I am proud of the Quest Diagnostics team of 42,000 colleagues and what they have accomplished," said Dr. Mohapatra. "In the 12 years I've been with the company, it has been gratifying to see revenues grow five-fold to $7.5 billion and earnings grow at a compound annual rate of 21%. Today, we perform testing for 150 million patients each year, serve over half of America's physicians and hospitals, and have been recognized on Fortune Magazine's list of the World's Most Admired Companies.
"Our passion for patients, drive for growth and commitment to people have made us the world leader in diagnostic testing, information and services. With unmatched assets in science and innovation, information technology and access and distribution now in place, the Board and I agreed that this is the right time to transition to new leadership. It has been truly an honor and privilege to serve as Chairman of the Board and CEO of this great company. "
Dr. Mohapatra joined the company as Chief Operating Officer in February, 1999 and became President later that year. He was appointed CEO in May, 2004 and was named Chairman of the Board in December, 2004.
About Quest Diagnostics
Quest Diagnostics is the world's leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative new diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at: http://www.questdiagnostics.com/.
CONTACT: For Quest Diagnostics: Kathleen Valentine (Investors), +1-973-520-2900, or Gary Samuels (Media), +1-973-520-2800
SOURCE Quest Diagnostics Incorporated