- Freeman to Remain Chairman of the Board of Directors During Smooth
Transition Process -
TETERBORO, N.J., Nov. 10 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced today that its Board of Directors has
begun implementing an orderly succession plan in which Surya N. Mohapatra,
Ph.D., will succeed Kenneth W. Freeman as Chief Executive Officer by the date
of the next annual meeting of shareholders in May, 2004. At that time, Mr.
Freeman will continue as Chairman of the Board of Directors. Currently, Dr.
Mohapatra is President and Chief Operating Officer, and Mr. Freeman is
Chairman and Chief Executive Officer.
"Over the past five years, Surya Mohapatra has been my closest partner in
developing and executing our business strategy, from driving Six Sigma quality
to raising our commitment to pricing discipline and introducing new tests and
technologies," said Mr. Freeman. "His strong track record, broad healthcare
background and extensive knowledge of medical science and technology uniquely
qualify him to be the next CEO of Quest Diagnostics."
Dr. Mohapatra joined the company in February, 1999, as Senior Vice
President and Chief Operating Officer and was appointed President in June,
1999. He was elected to the Board of Directors in October, 2002. He is
responsible for the day-to-day management of Quest Diagnostics and has played
an important role in the growth and strategic direction of the company.
Prior to joining Quest Diagnostics, Dr. Mohapatra served as senior vice
president and a member of the executive committee of Picker International, a
manufacturer of advanced medical imaging technologies, now part of Philips
Medical Systems. He holds a Bachelor of Science degree in Electrical
Engineering from Sambalpur University in India; a Master of Science degree in
Medical Electronics from the University of Salford in England; and a Doctorate
in Medical Physics from the University of London in England. He is the author
of several publications and patents with a particular focus on the human
cardiovascular system and magnetic resonance imaging.
"Surya Mohapatra has clearly demonstrated his leadership capabilities and
the Board is highly confident that he will be a very successful CEO," said Dan
C. Stanzione, Ph.D., Chairman of the Board's Governance Committee and Lead
Independent Director. "Ken and Surya have worked closely together for many
years. The deliberate way in which Ken initiated this orderly transition plan
to identify and prepare his successor and then worked with the Board to
implement it is illustrative of the superb leadership Ken has provided to the
company."
"Ken Freeman is an outstanding CEO," Dr. Stanzione continued. "Ken has
firmly established Quest Diagnostics as the diagnostic testing industry leader
and achieved exceptional financial performance by focusing on integrity,
quality, the importance of values, and effective execution. In addition, he is
a forceful and articulate advocate for the industry. We look forward to a
smooth transition to Surya's leadership as CEO and Ken's ongoing contributions
as Chairman."
Mr. Freeman joined Corning Clinical Laboratories, the predecessor company
to Quest Diagnostics, in May, 1995, after holding financial and general
management positions at Corning Incorporated from 1972. He became Chairman
and CEO of Quest Diagnostics at the end of 1996, when the company was spun off
to Corning's shareholders. He is Chairman of the American Clinical Laboratory
Association, and a Trustee of the Healthcare Leadership Council and Bucknell
University.
Quest Diagnostics Incorporated is the nation's leading provider of
diagnostic testing, information and services, providing insights that enable
healthcare professionals to make decisions that improve health. The company
offers the broadest access to diagnostic testing services in the United States
through its national network of laboratories and patient service centers, and
provides interpretive consultation through its extensive medical and
scientific staff. Quest Diagnostics is the leading provider of esoteric
testing, including gene-based medical testing, and also empowers healthcare
organizations and clinicians with state-of-the-art connectivity solutions that
improve patient care. Additional company information is available at:
www.questdiagnostics.com.
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, unanticipated expenditures, changing
relationships with customers, payers, suppliers and strategic partners,
competitive environment, changes in government regulations, conditions of the
economy and other factors described in the Quest Diagnostics Incorporated 2002
Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
-0- 11/10/2003
/CONTACT: Investors, Laure Park, +1-201-393-5030, or Media, Gary Samuels,
+1-201-393-5700, both of Quest Diagnostics Incorporated /
/Web site: http://www.questdiagnostics.com/
(DGX)