SECAUCUS, NJ, February 3, 2022 /PRNewswire/ — Quest Diagnostics (NYSE:DGX), the nation’s main supplier of diagnostic info companies, in the present day introduced that it has been appointed by its Board of Administrators as a part of its ongoing management succession plan. James E. DavisGovt Vice President, Common Diagnostics, can be its subsequent Chief Govt Officer, efficient 1 November 2022, At that time, Mr. Davis will succeed Steve Ruskowski, who would have served as CEO for greater than a decade. Mr. Raskowski, 64, presently Chairman, CEO and Chairman, will proceed to function Govt Chairman on the Quest Board of Administrators till March 2023.
“Right this moment, Quest is the clear chief in diagnostic info companies, positioned for continued execution of its formidable development plans underneath a brand new CEO. Jim DavisWhich has been instrumental in accelerating development and driving the corporate’s operational excellence program for eight years.” Tim Ring, Chief Impartial Director of Quest. “Jim is uniquely certified to guide Quest into its subsequent section of development, and this gradual and complete transition course of will guarantee continuity for the corporate’s sturdy market momentum.”
Mr. Davis, 59, presently oversees Quest’s common diagnostics enterprise, which accounts for greater than 80% of the corporate. $10.8 billion income in 2021 and contains three-quarters of its worker base. Moreover, he manages the corporate’s operations together with gross sales and advertising and marketing, affected person companies, logistics, laboratories, billing and buyer companies. Joined the Quest in Mr. Davis April 2013 As Senior Vice President of Diagnostic Options, and was answerable for managing a portfolio of companies and was instrumental in refocusing the enterprise on Diagnostic Info Companies. He was named Senior Vice President of Operations. February 2014, overseeing the corporate’s Drive Operational Excellence technique and Quest’s Invigorate program, which has persistently delivered 3% in annual productiveness enhancements. Since being named government vice chairman for Common Diagnostics in 2017, Mr. Davis has compiled a powerful file of income and earnings development by strengthening relationships with Quest’s largest well being plans and its hospital well being system prospects. As well as, he’s answerable for integrating Quest’s regional laboratory acquisitions, and has led the event of Quest’s ESG technique.
Mr Davis has supplied enterprise oversight for Quest’s pandemic response. He oversaw the speedy growth and growth of Quest’s molecular testing functionality, main an agile staff that developed new testing methods in addition to new fashions for testing sufferers, reminiscent of drive-thru retail websites and direct-to-consumer Invented Testing.
“I’m extraordinarily honored to have the chance to exchange Steve and lead Quest into the following section of development and construct on our imaginative and prescient of empowering higher well being with scientific insights,” mentioned Mr. Davis. “Our firm has by no means been extra integral to sufferers and the healthcare system than we have now seen in the course of the pandemic. Along with the Quest administration staff and all 50,000 of our companions, I stay up for constructing the sturdy basis we have now constructed upon Quest has a vivid future, and we’re extraordinarily properly positioned to proceed creating worth for shareholders in addition to for all of the sufferers, prospects and companions we serve.”
Mr Ring mentioned: “Steve is an excellent CEO who has led a staff that has executed a well-defined technique that has generated sturdy development and shareholder worth throughout his decade-long tenure at Quest. He served on the Board Over the previous a number of years in constructing a succession plan that ensures a easy, gradual transition to the brand new management. On behalf of all the board and all 50,000 Quest associates, I wish to thank Steve for his management and Quest Diagnostics I need to thank them for his or her super dedication and dedication to creating it the extraordinary firm it’s in the present day.”
“Quest Diagnostics is a good firm with a robust mission and well-positioned to proceed to ship worth for all of its stakeholders,” mentioned Mr. Raskovsky. “As I approached a decade in service as CEO, the board and I made up my mind that now was the suitable time at hand over the reins to a brand new chief. Jim Davis Having managed a big portion of the corporate in his function as Govt Vice President, CEO is extremely certified to turn out to be. He has a deep information of Quest, the healthcare trade and the company world via over 35 years of enterprise expertise. Jim is extensively revered and can be a powerful CEO.”
Quest additionally introduced in the present day that mark guinea, Govt Vice President and Chief Monetary Officer has introduced his intention to retire in 2022 after an eight-and-a-half 12 months function. The method of figuring out Quest’s new CFO has begun. Mr Guinan, 60, will take part within the choice course of and can proceed in his function till the transition interval.
Mr Ruskowski added, “I need to thank mark guinea As a key member of our management staff for his many contributions as we have now remodeled Quest and accelerated its development. I’m particularly grateful that Mark stays central to our staff in the course of the pandemic, and can make sure the transition is seamless for his successor. ,
Mr. Guinan mentioned, “Quest Diagnostics is a specialised firm with a significant mission and a powerful staff, and it has been a privilege to function Chief Monetary Officer. The corporate is properly positioned for continued success after the pandemic. Effectively, now it is time for me to step again and retire. I stay up for collaborating within the strategy of figuring out my successor who can assist Steve and Jim within the subsequent section of Quest’s growth.”
Extra Biographical Info on the CEO-Elect James E. Davis
Jim Davis Joined Quest Diagnostics in 2013 as Senior Vice President, Diagnostics Options. Earlier than becoming a member of Quest, he labored for InSightec, Inc., a medical system firm. Served as CEO of Previous to this, Jim held senior administration positions in Common Electrical’s aviation and well being care companies over a two-decade profession, which included GE’s flagship MRI enterprise. Previous to GE, Mr. Davis led the event of strategic and operational initiatives for McKinsey & Firm, Inc.’s shoppers. Mr. Davis has a grasp’s diploma in administration. Sloan Faculty of Administration Feather Massachusetts Institute of Know-howGrasp’s Diploma in Science from MIT and Bachelor’s diploma in Aeronautical Engineering from College of Michigan,
Below the achievements of the corporate Steve Ruskowski
Steve has since served as Chief Govt Officer of Quest Diagnostics. Might 2012, Quest was not rising on the time, and he led the corporate’s transformation into diagnostic info companies with file monetary efficiency in 2021. Mr. Raskovski endorses a two-pronged technique to speed up development and drive operational excellence. He targeted on bettering the connection with well being plans and hospital well being techniques; and quickly increasing companies in superior diagnostics and client testing.
Mr. Ruskowski has additionally pushed for Quest to be extra inclusive. Right this moment the corporate is overseen by a board of administrators made up of fifty% girls and two folks of colour. In 2020, Mr. Raskovsky led the launch of Quest for Well being Fairness in 2020, a $100 million Dedication to lowering well being disparities amongst deprived folks in America, particularly in communities of colour.
Throughout his tenure, Quest’s income grew by almost 50%. $10.8 billion and adjusted earnings per share greater than triple in 2021 $14.24, Since 2012, the corporate has generated $14.5 billion in money, accomplished 41 acquisitions, and is again $8.2 billion of its money to shareholders via repurchases and dividends. Early within the pandemic, Mr. Raskovsky grew to become deeply concerned within the nationwide response, quickly increasing entry to COVID-19 testing by partnering with elected officers and public well being officers, in addition to healthcare suppliers, payers and retailers.
About Quest Diagnostics
Quest Diagnostics empowers folks to take motion to enhance well being outcomes. Derived from the world’s largest database of scientific lab outcomes, our scientific insights reveal new avenues to establish and deal with illness, encourage wholesome habits, and enhance well being administration. Quest serves one in three grownup People and half of physicians and hospitals in america yearly, and our 50,000 workers perceive that, in the suitable arms and in the suitable context, our scientific insights into life-changing duties. can encourage. www.QuestDiagnostics.com.
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