LabCorp (NYSE:LH) CFO Brad Hayes will retire in 2014 the laboratory services and diagnostics company announced on Friday.
Hayes, who has worked at LabCorp for 17 years, is expected to continue as CFO through the first half of next year unless a successor is named and in place sooner. Burlington-based LabCorp said it will use a national search firm to find its next CFO.
LabCorp announced Hayes’ retirement plans along with the company’s third quarter earnings. In the three months ending Sept. 30, LabCorp reported net earnings of $148.7 million, slightly higher than the $148.4 million in earnings a year ago. Revenue in the quarter was $1.46 billion, up 3 percent compared to the third quarter of 2012. CEO David King said that the company’s revenue and profits were constrained by reductions in government payments and reimbursement challenges for molecular testing.
LabCorp said that it incurred restructuring charges of $3.7 million in the third quarter. The charges included $1.7 million in severance costs and $2.5 million in costs associated with closing facilities and integration initiatives.