BURLINGTON – The former chief executive officer of Labcorp Diagnostics at Laboratory Corp. of America is being paid more than $2 million as part of his severance package from the company.
This amount represents twice the sum of Gary Huff’s base salary of $600,000, plus $431,633.50, which represents Huff’s average management incentive bonus.
Additionally, Huff will receive a lump sum payment equal to the value of 5,164 forfeited shares of restricted stock units. The payment’s value is calculated based on the five-day closing price average of LabCorp’s stock for the period of five business days ending on Dec. 31, 2018, multiplied by 5,164.
The payment will be made within 30 days following the separation date. The company announced on Dec. 26 that Huff would leave on Dec. 31.
After lower-than-expected revenue forecasts, LabCorp makes changes at top
Huff had been the CEO of Labcorp Diagnostics since April 2017. He previously held various positions at the company, including executive director of business development, vice president of national sales operations and senior vice president of national toxicology testing, now called occupational testing services.
Labcorp Diagnostics, which employs 36,000 of LabCorp’s 60,000 employees, processes tests on approximately 500,000 patient specimens daily and has clinical laboratory locations throughout the United States and other countries.
The Burlington-based company’s shares closed Tuesday at $129.19.
This story is from the North Carolina Business news Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.
