logo
Plus   Neg
Share
Email
Comment

Quest Diagnostics Launches Management Restructuring - Quick Facts

Quest Diagnostics Incorporated (DGX), provider of diagnostic testing, information and services, launched a major management restructuring. The company will eliminate existing business structures and replace them with two new business groups, Diagnostic Information Services and Diagnostic Solutions. The changes are scheduled to take effect by January 1. The company expects it will be able to eliminate three management layers, or approximately 400 to 600 management positions, by the end of 2013, thereby contributing about $65 million in savings to the previously announced cost reduction goal of $500 million associated with its Invigorate program.

The Diagnostic Information Services group, which will include the vast majority of the company's revenues, will replace the current Physician Services, Hospital Services and Cancer Diagnostics businesses. It will develop and deliver diagnostic testing, information and services, and be responsible for new test development; sales and marketing; routine and esoteric laboratories; and field operations.

The company also appointed senior leaders to head its new Commercial, Operations and Human Resources functions. Everett V. Cunningham will join the company October 15 to become Senior Vice President, Commercial. Cunningham was most recently Regional President, Established Products, Asia for Pfizer, Inc. John B. Haydon will join October 22 to become Senior Vice President, Operations. Mr. Haydon is currently Executive Vice-President and Global Head of Operations and Business Excellence for Philips Electronics. Jeffrey S. Shuman will join October 22 as Senior Vice President, Chief Human Resources Officer. Mr. Shuman was most recently Senior Vice President: Chief Human Resources and Administrative Officer for Harris Corp.

Quest also announced that several senior leaders will be leaving the company. Richard Mahoney, Vice President, Healthcare Information Services; Joan Miller, Senior Vice President, Oncology and Neurology Services; and David Norgard, Vice President, Human Resources, plan to leave the company by year-end. Joseph Benage, Vice President, Insurer & Employer Services, will leave in 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Thursday reported a profit for the first quarter that increased from last year and trumped analysts' expectations driven largely by a higher-than-expected revenues. The PC giant detailed a second-quarter and full year... Hormel Foods Corp. (HRL) reported a profit for the first quarter of fiscal 2018 that increased 28.9 percent from the prior year. Total net sales grew 2.2 percent from last year. Earnings per share topped analysts' expectations, while quarterly revenues missed their estimates. The company raised annual earnings per share guidance due to U.S. tax reform, while it maintained annual net sales outlook. Shares of Deutsche Telekom AG were losing around 3 percent in the morning trading in Germany after the telecom giant reported Thursday a decline in fourth-quarter EBITDA, a key earnings metric, with weak revenues. However, the company recorded a net profit, compared to loss last year on positive US tax effect. Deutsche Telekom lifted its dividend and said it expects higher earnings in 2018.
comments powered by Disqus
Follow RTT