UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.     )

Filed by the Registrant  ☒                              Filed by a Party other than the Registrant  ☐

Check the appropriate box:

Laboratory Corporation of America Holdings

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

DEAR SHAREHOLDER:

		“2020 was transformational for Labcorp. We navigated the unprecedented demands of the pandemic, quickly brought innovations to market, and advanced each pillar of our company strategy while delivering strong overall performance.”   ADAM H. SCHECHTER

NOTICE OF 2021 ANNUAL MEETING

OF SHAREHOLDERS

Important notice regarding the availability of proxy materials for the 2021 Annual Meeting of Shareholders to be held on May 12, 2021. Our Proxy Statement and Annual Report to Shareholders are available at: www.proxyvote.com.

TABLE OF CONTENTS

PROXY SUMMARY

This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all the information that you should consider, and you should read the entire Proxy Statement carefully before voting. Page references are supplied to help you find further information in this Proxy Statement.

Voting Matters and Vote Recommendation (page 11)

The following table summarizes the proposals to be considered at the 2021 Annual Meeting and the Board’s voting recommendation with respect to each proposal.

PROXY SUMMARY

Environmental, Social, and Governance (“ESG”) Highlights (page 5)

Labcorp is committed to strong governance practices, including:

Labcorp is also committed to social and environmental issues. Our commitment to these issues stems from our belief that the measure of a company is not just how well it does, but how it goes about its business, how its people and customers feel about it, and the mark it leaves on society. We believe that investments in our people and our communities are another manifestation of our fundamental mission of improving health and improving lives. In furtherance of our commitment to ESG matters, we chartered the Environmental, Health and Safety, Social and Governance Steering Committee comprised of members of our management team, to assist our Chief Executive Officer and Executive Committee in setting our general ESG strategy and to consider and recommend policies, practices, and disclosures that conform with our strategy.

The Company has a diverse workforce with a broad range of unique experiences and talents. The Company believes that the diversity of its employees and its inclusive programs contribute to a healthy, productive, and respectful work environment. In 2021, we were recognized for the fourth consecutive year as a Best Place to Work for LGBTQ Equality, with a perfect score from Human Rights Campaign’s Corporate Equality Index, the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality. We were also named to FORTUNE^® magazine’s 2021 List of World’s Most Admired Companies, making the annual list for the third time, as well as the 2020 List of World’s Best Employers and as one of Forbes’ 2020 List of the Best Employers for New Graduates.

Social unrest and the impacts of the pandemic around the world in 2020 provided the Company an opportunity to refocus our efforts to further improve our diversity profile for the benefit of employees, patients, and customers. As a part of our refocus, we: (i) appointed a Chief Diversity and Inclusion Officer, who reports dually to the Chief Executive Officer and the Chief Human Resources Officer; (ii) are in the process of rolling out an unconscious bias training program for all people leaders globally in 2021; (iii) launched the Credible Conversation series available to people leaders to help enable listening sessions to support a diverse and inclusive work environment; and (iv) enhanced our focus on our Employee Resource Groups (“ERGs”), a powerful forum for people who share a common background to connect, create networking opportunities, assist with recruiting activities, and serve as ambassadors within the Company to increase awareness and advocacy.

As a part of our mission of improving health and improving lives, we have invested in ways to reduce our environmental impact and increase our sustainability. Our initiatives include: (i) our commitment to renewable electricity supply resources for 22 of our locations in Virginia; (ii) our partnership with the United Way in India to support rainwater harvesting, or the collection and storage of rainwater from the roofs of buildings, to be subsequently used for domestic purposes in several villages in India; (iii) our efforts to increase efficiencies in our corporate fleet by introducing more hybrid vehicles; and (iv) the improvements we have made to our facilities to make them more energy and water efficient. The Company has also participated in the Carbon Disclosure Project (the “CDP”) since the 2017 reporting period; we are using knowledge gained from CDP participation to refine our carbon and energy reduction strategy in the future, including an enterprise-wide carbon reduction goal.

PROXY SUMMARY

In addition to the forgoing commitments and actions, one of our largest ESG impacts this year was our work to respond to the COVID-19 pandemic. For more information on our efforts, please see “Compensation Discussion & Analysis – 2020 Company Performance Highlights.”

We routinely publish a Corporate Responsibility Report, which highlights our commitment to environmental and social responsibility. A copy of our current Corporate Responsibility Report can be found under the “Corporate Governance” section of the “Investors” page on our website. Nothing on our website, including our Corporate Responsibility Report or sections thereof, shall be deemed incorporated by reference into this Proxy Statement.

Shareholder Engagement (page 16)

Through our robust and regular shareholder engagement process, we have received valuable feedback that informs our decisions regarding our strategy and our corporate governance practice and policies, in addition to other important topics, which we believe is a critical component to our success.

During fiscal 2020, through our active shareholder engagement program we:

We continue to demonstrate a strong commitment to corporate governance that reinforces our alignment with our shareholders and continue to make improvements in response to shareholder feedback and our commitment to best practices, including:

PROXY SUMMARY

Director Nominees (page 35)

The following table provides summary information about each director nominee.

PROXY SUMMARY

Snapshot of 2021 Director Nominees

ALL DIRECTOR NOMINEES EXHIBIT:

 

•

personal and professional integrity;

 

•

skills and experience to advise the Company regarding its medical, scientific, operational, strategic, technology, and governance goals;

 

•

interest, capacity and willingness to serve the long-term interests of the Company’s shareholders;

•

ability and willingness to devote the required amount of time and intellectual effort to the Company’s affairs, including attendance at Board and Committee meetings;

 

•

exceptional ability and judgment; and

 

•

freedom from personal and professional relationships that would adversely affect the ability to serve the best interests of the Company and its shareholders.

 

 

OUR DIRECTOR NOMINEES EXHIBIT AN EFFECTIVE MIX OF SKILLS, EXPERIENCES, DIVERSITY AND FRESH PERSPECTIVES

Average Tenure of Directors		Average Age of Directors		Diversity
8.2   YEARS		60.4 YEARS		50.0%
0-5 years           6-10 years		<60 years          61-70 years		Gender/Ethnic/Racial
●●●  3                 ●●●  4		●●● ●●  5              ●●●  3		Diversity       ●●●●●   5
>11 years		>70 years
●●●  3		●●  2

 

		Risk Management Experience 8 out of 10 ● ● ● ● ● ● ● ●  ● ●				International Experience 8 out of 10 ● ● ● ● ● ● ● ●  ●  ●
		Corporate Governance Experience 9 out of 10 ● ● ● ● ● ● ● ● ● ●				Corporate Finance and M&A 9 out of 10 ● ● ● ● ● ● ● ● ● ●
		Healthcare/Clinical Research Background 7 out of 10 ● ● ● ● ● ● ● ● ● ●				Executive Leadership Experience 10 out of 10 ● ● ● ● ● ● ● ●  ● ●
		Business Strategy Experience 8 out of 10 ● ● ● ● ● ● ● ●  ● ●				Technology/Cybersecurity Expertise 1 out of 10 ● ●  ● ● ● ● ● ● ● ●
		Talent Management Expertise 10 out of 10 ● ● ● ● ● ● ● ● ● ●				Sales and Marketing Background 5 out of 10 ● ● ● ● ● ●  ● ● ● ●

PROXY SUMMARY

Key Financial Highlights

The Company achieved strong operational and financial performance across a broad range of measures.

Pay for Performance (page 88)

Labcorp’s executive compensation program is designed to attract, motivate, and retain executives in a highly competitive environment. Our executive compensation philosophy is to pay for performance by rewarding the achievement of specific short-term and long-term operational, strategic, or human capital related goals.

The Company seeks to achieve outstanding performance for our shareholders through focusing our executives on revenues, adjusted EPS, adjusted operating income, and relative total shareholder return compared to the peer group of companies we use for compensation purposes. Our compensation program rewards our executives for achieving strategic objectives. A majority of the value of our named executive officers’ annual target compensation opportunity including performance-based cash compensation and performance shares, is subject to the achievement of Company and individual strategic objectives, which provides a strong incentive to drive Company performance and increase shareholder value.

Last year, our annual advisory vote on executive compensation received support from approximately 88 percent of the shares represented at the 2020 Annual Meeting and entitled to vote. We are committed to refining our compensation program to incentivize our leaders and align with our strategy, the key value drivers of our business and the expectations of our shareholders. We regularly seek input from our shareholders and this input is incorporated in the Compensation and Human Capital Committee’s annual review of our compensation program.

2020 Executive Total Compensation (page 51)

The Compensation and Human Capital Committee takes several factors into consideration when establishing our executive compensation target opportunity and structure, including:

PROXY SUMMARY

For 2020, approximately 77.5 percent of the total target compensation of Mr. Schechter, our President and Chief Executive Officer, was performance-based and at-risk. For the other Named Executive Officers (“NEOs”), approximately 70 percent of the average total target compensation was performance-based and at-risk. In 2020, an additional approximately 13.5 percent of our CEO’s total target compensation and an additional approximately 11 percent of the average total target compensation for our other NEOs was variable and based on the performance of the Company’s stock. The charts below show the mix of pay elements included in total compensation opportunities for 2020 for our Chief Executive Officer and an average for our other NEOs:

PROXY SUMMARY

Advisory Vote to Approve Executive Compensation (page 87)

We ask that our shareholders approve the advisory resolution on executive compensation. Our compensation program is designed to attract and retain skilled and talented individuals and align the compensation of our executives with the strategic goals of the Company and, ultimately, the interests of our shareholders. The Compensation and Human Capital Committee annually evaluates our compensation program in light of the input we receive from our shareholder engagement efforts and the results of the advisory resolution on executive compensation. Our market-leading compensation practices are designed with features to further align the interests of our executives with those of our shareholders:

Auditors (page 90)

We ask that our shareholders ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm for the year ending December 31, 2021.

Below is summary information about PricewaterhouseCoopers LLP, who previously served as Labcorp’s independent registered public accounting firm since 1997, fees for services provided in fiscal years 2020 and 2019.

PROXY SUMMARY

Proxy Statement

Labcorp is providing you with these proxy materials in connection with its 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”). The Notice of Internet Availability of Proxy Materials (the “Notice”), this Proxy Statement and Labcorp’s 2020 Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) were first mailed to shareholders of record on or about April 2, 2021. As used in this Proxy Statement, “Labcorp,” the “Company” and “we” may refer to Laboratory Corporation of America Holdings itself, one or more of its subsidiaries, or Laboratory Corporation of America Holdings and its consolidated subsidiaries, as applicable.

GENERAL INFORMATION

2021 Annual Meeting of Shareholders

Labcorp’s 2021 Annual Meeting is scheduled to occur on Wednesday, May 12, 2021 at 9:00 a.m., Eastern Daylight Time. The 2021 Annual Meeting will be a virtual meeting and will be webcast live at www.virtualshareholdermeeting.com/LH2021. We believe that conducting the 2021 Annual Meeting as a virtual meeting will encourage higher levels of shareholder participation while also helping us reduce the financial and environmental costs associated with the 2021 Annual Meeting. Shareholders at the virtual-only meeting will have the same rights as at an in-person meeting, including the rights to vote and ask questions through the virtual meeting platform.

All owners of Labcorp’s common stock, par value $0.10 per share (the “Common Stock”), on March 24, 2021, the record date (the “Record Date”), are eligible to receive notice of, and to vote electronically at, the 2021 Annual Meeting over the Internet by using the 16-digit control number included in the Notice, proxy card, or the voting instructions that accompanied these proxy materials. Representatives of PricewaterhouseCoopers LLP, independent auditor for Labcorp for the years ending December 31, 2019 and December 31, 2020, and Deloitte & Touche LLP, independent auditor for Labcorp for the year ending December 31, 2021, will be present at the 2021 Annual Meeting, will have the opportunity to make a statement if they desire to do so, and will be available to respond to appropriate questions.

The virtual meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Participants should ensure that they have a strong internet or WiFi connection wherever they intend to participate in the 2021 Annual Meeting. Participants should also give themselves plenty of time to dial-in to the conference call or log in and ensure that they can hear audio prior to the start of the 2021 Annual Meeting.

If you encounter any technical difficulties with the virtual meeting platform on the meeting day, please call 1-855-449-0991 (Toll Free) or 1-720-378-5962 (International Toll) or email to investor@Labcorp.com. Technical support will be available starting at 8:30 a.m. EDT on May 12, 2021.

If you wish to submit a question, or make a comment during the meeting, log into the virtual meeting platform at www.virtualshareholdermeeting.com/LH2021, type your question into the “Ask a Question” field, and click “Submit” or send your question or comment via email to investor@Labcorp.com. Any emailed questions or comments will need to include your 16-digit control number in order to be addressed at the meeting.

Questions and comments submitted via the virtual meeting platform that are pertinent to meeting matters will be addressed during the meeting. It has been Labcorp’s policy to address all pertinent questions and comments during the meeting and, historically, management has been successful in doing so. In the unlikely event that the volume of questions increases to the point that time constraints prohibits Labcorp from answering all questions, the remaining pertinent questions will be answered on our Investor Relations site. Consistent with Labcorp’s approach when the annual meetings were held in person, questions or comments that are not related to the proposals under discussion, are about personal concerns not shared by shareholders generally, or use blatantly offensive language may be ruled out of order. Labcorp will, however, respond to questions or comments that are not related to the proposals under discussion or are about personal concerns not shared by shareholders generally via email after the meeting.

A webcast of the 2021 Annual Meeting will be archived and accessible through December 31, 2021.

GENERAL INFORMATION

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting To Be Held on May 12, 2021

Pursuant to the “notice and access” rules adopted by the Securities and Exchange Commission (the “SEC”), Labcorp has elected to provide access to its proxy materials and the 2020 Annual Report over the Internet and sent the Notice to shareholders of record as of the Record Date on or about April 2, 2021. The Notice is not a form for voting and presents only an overview of the more complete proxy materials, which contain important information about the 2021 Annual Meeting. All shareholders may access the proxy materials on the website referred to in the Notice (www.proxyvote.com) and we encourage shareholders to do so prior to submitting their votes. Shareholders may request to receive a printed set of the proxy materials by following the instructions provided in the Notice.

Shareholders may also request to receive future proxy materials in printed form by mail or electronically by e-mail on an ongoing basis by following the instructions on your proxy card or at www.proxyvote.com. Choosing to receive proxy materials by e-mail will save Labcorp the cost of printing and mailing documents and will reduce the impact of Labcorp’s annual meetings on the environment. If you choose to receive future proxy materials by e-mail, you will receive an e-mail next year with instructions containing a link to those materials and a link to the proxy voting site. Your election to receive proxy materials by e-mail will remain in effect until you terminate it.

Matters Subject to a Vote of the Shareholders

Current Proposals

The following matters are subject to a vote of the shareholders at the 2021 Annual Meeting:

Board Recommendations

The Board of Directors of the Company (the “Board”) unanimously recommends that shareholders vote as follows:

Other Business

The Board does not intend to bring any other business before the 2021 Annual Meeting and is not aware of any other matters to be brought before the meeting. See the section “Other Matters” on page 98 for information about presenting proposals for the 2022 Annual Meeting. Please also see the section “Identification and Evaluation of Director Candidates” on page 24 for information about shareholder nominations to the Board.

Voting Procedures and Solicitation of Proxies

Quorum and Voting Requirements

The Board is soliciting your vote at the 2021 Annual Meeting or at any later meeting should the scheduled annual meeting be adjourned or postponed for any reason. By using a proxy, which authorizes specific people to vote on your behalf, your shares can be voted whether or not you attend the 2021 Annual Meeting. At least a majority of the total

GENERAL INFORMATION

number of shares of Common Stock issued and outstanding and entitled to vote on the Record Date must be present in person or by proxy at the 2021 Annual Meeting for a quorum to be established. At the close of business on the Record Date, there were 97,640,861 shares of Common Stock issued and outstanding.

Each share of Common Stock is entitled to one vote on each of the director nominees and one vote on each other matter that is properly presented at the 2021 Annual Meeting. In accordance with Labcorp’s Amended and Restated By-Laws (the “By-Laws”), director nominees in an uncontested election must receive a majority of the votes cast to be elected, which under the By-Laws means that the number of shares voted “FOR” a director must exceed 50 percent of the votes cast with respect to that director. The Board has adopted a policy under which a director who does not receive the required vote for election as provided in the By-Laws will submit his or her resignation for consideration by the Board. The affirmative vote of a majority of shares of Common Stock represented at the 2021 Annual Meeting and entitled to vote is required for approval of the other proposals noted above. Abstentions will have no effect on the election of the directors but will have the same effect as a vote against the other proposals scheduled for the 2021 Annual Meeting.

Voting by Record Holders

If your name is registered in Labcorp’s shareholder records as the owner of shares, there are four ways that you can vote your shares:

You can cast your votes by any of the following methods:

 

INTERNET (www.proxyvote.com) until 11:59 p.m., Eastern Daylight Time on Tuesday, May 11, 2021;		TELEPHONE (1-800-690-6903) until 11:59 p.m., Eastern Daylight Time on Tuesday, May 11, 2021;		MAIL Completing, signing and returning your proxy card or voting instruction card so that it is received before the polls close on Wednesday, May 12, 2021; or

IN-PERSON		Whether you are a shareholder of record or hold your shares in “street name,” you may participate in and vote online at the 2021 Annual Meeting. You will need to enter your 16-digit control number (included in your Notice, your proxy card or the voting instructions that accompanied your proxy materials) to vote your shares at the 2021 Annual Meeting. Instructions on how to attend the 2021 Annual Meeting live over the Internet, and how to vote your shares during the 2021 Annual Meeting, are posted at www.virtualshareholdermeeting.com/LH2021. Shareholders with questions regarding how to attend and participate in the 2021 Annual Meeting live over the Internet, and how to vote during the 2021 Annual Meeting, may call 1-855-449-0991 on the 2021 Annual Meeting date.

You may change your vote or revoke a proxy at any time prior to the 2021 Annual Meeting by:

GENERAL INFORMATION

All proxies duly executed and received by Labcorp will be voted in accordance with the instructions provided by the person executing the proxy or, in the absence of any instruction, will be voted in accordance with the Board’s recommendations on each proposal. Proxies will have the discretion to vote on any other matters that come before the 2021 Annual Meeting that are not otherwise specified in the Notice.

Voting by Holders in Street Name

If you hold shares through a bank, broker, or other custodian (referred to as shares held in “street name”), the custodian will provide you with a copy of the Proxy Statement and a voting instruction form. Brokers and other holders of record have discretionary authority to vote shares without instructions from beneficial owners only on matters considered “routine” by the New York Stock Exchange, such as the advisory vote on the selection of the independent auditors. On non-routine matters, such as the election of directors, these banks, brokers, and other holders of record do not have discretion to vote uninstructed shares and thus are not “entitled to vote” on such proposals, resulting in a broker non-vote for those shares. We encourage you to provide voting instructions so that your shares can be counted in the election of directors and the other matters to be considered at the 2021 Annual Meeting.

Even if your shares are held in street name, you may participate in the virtual 2021 Annual Meeting and vote your shares during the meeting by visiting www.virtualshareholdermeeting.com/LH2021, listening to the live webcast and casting your vote online. See “2021 Annual Meeting of Shareholders” for information about participating in the 2021 Annual Meeting.

Proxy Expenses

Labcorp will bear the expenses to prepare proxy materials and to solicit proxies for the 2021 Annual Meeting. Labcorp expects to reimburse banks, brokers, and other persons for their reasonable, out-of-pocket expenses in handling proxy materials for beneficial owners. Labcorp has also retained Morrow Sodali LLC for solicitation of holders of record as well as non-objecting beneficial owners. Labcorp paid Morrow Sodali LLC a fee of approximately $9,000 for these services, plus reimbursement of expenses. These solicitations may be made personally or by mail, facsimile, telephone, messenger, email or otherwise.

Results of the 2021 Annual Meeting

The voting results of the 2021 Annual Meeting will be disclosed no later than four business days after the 2021 Annual Meeting in a Current Report on Form 8-K filed with the SEC.

CORPORATE GOVERNANCE

We have a long-standing commitment to strong governance practices. These practices provide an important framework within which our Board and management pursue the strategic objectives of Labcorp and ensure the Company’s long-term vitality for the benefit of our shareholders.

Labcorp is also committed to social and environmental issues. Our commitment to these issues stems from our belief that the measure of a company is not just how well it does, but how it goes about its business, how its people and customers feel about it and the mark it leaves on society. We believe that investments in our people and our communities are another manifestation of our fundamental mission of improving health and improving lives.

In 2020, Labcorp chartered an Environmental, Health and Safety, Social and Governance Steering Committee (“ESG Committee”). The ESG Committee assists our Chief Executive Officer and the Executive Committee in setting our overarching environmental, social, and governance (“ESG”) strategy and considers and recommends policies, best practices, and the communication of these policies and practices to align with this strategy. ESG subcommittees have been appointed to engage subject matter experts across the organization and to drive improvement, innovation, and engagement across the enterprise. The Chair of the ESG Committee regularly reports to the Executive Committee and the Board on ESG matters to ensure alignment, consistency, and efficiency on oversight and implementation of all ESG matters.

Diversity, Equity, and Inclusion

The Company has a diverse workforce with a broad range of unique experiences and talents. The Company believes that the diversity of its employees and inclusive programs contribute to a healthy, productive and respectful work environment. Labcorp has built diversity into its succession planning and talent processes with the goal of informing managers to better understand the actions they can take to create more inclusive teams and capitalize on the diverse skill sets within their organizations.

We have always strived for an inclusive and diverse culture at Labcorp, and we have been recognized externally for our efforts over the years. In 2021, we were recognized for the fourth consecutive year as a Best Place to Work for LGBTQ Equality, with a perfect score from Human Rights Campaign’s Corporate Equality Index, the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality. We were also named to FORTUNE^® magazine’s 2021 List of World’s Most Admired Companies, making the annual list for the third time, as well as the 2020 List of World’s Best Employers and as one of Forbes’ 2020 List of the Best Employers for New Graduates.

While we have traditionally sought to have a diverse and inclusive working environment, social unrest and the impacts of the pandemic around the world in 2020 provided the Company an opportunity to refocus our efforts to further improve our diversity profile for the benefit of employees, patients, and customers. As part of our refocus, we appointed a Chief Diversity and Inclusion Officer who reports dually to the Chief Executive Officer and the Chief Human Resources Officer. The Chief Diversity and Inclusion Officer also attends the meetings of, and makes regular reports to, the Compensation and Human Capital Committee.

In December 2020, the Compensation and Human Capital Committee established a strategic framework to advance our diversity, equity, and inclusion initiatives. Our three priorities are: (i) empowering inclusive leadership; (ii) building and sustaining a diverse pipeline; and (iii) creating an environment for engagement across Labcorp and in our communities. These priorities have been expanded into leadership objectives for our management.

This year we are in the process of rolling out an unconscious bias training program and we launched the Credible Conversation series, a series available to people leaders to help enable listening sessions to support a diverse and inclusive work environment. Additionally, our employees have engaged through our employee resource groups (“ERGs”), another avenue through which we strive to support inclusiveness and diversity. The employee-led groups are

CORPORATE GOVERNANCE

a powerful forum for people who share a common background to connect, create networking opportunities, assist with recruiting activities, and serve as ambassadors within the Company to increase awareness and advocacy. Our ERGs include (i) The Pride Network, which aims to increase the visibility of our LGBTQ+ employees, create connections with allies, and inspire employees to bring their whole selves to work every day, (ii) PULSE, or Promoting Unity through Legacy, Support, and the Empowerment of Black employees, which functions as an internal business partner with a strong focus on the recruitment, retention, and career mobility of Black employees, (iii) the Veteran Employee Resource Group, supporting employees who have served or are currently serving in the military, (iv) EnABLE, or Empowering Abilities Beyond Labels for Everyone, which works to support a disability friendly culture and promote awareness in the workplace, and (v) over 14 Women’s networks, with a shared mission of promoting career development, mentorship, and collaboration.

Our commitment to diversity, equity and inclusion, and ESG initiatives more broadly also extends to our relationships with suppliers and third-party partners. We conduct rigorous vendor risk assessment processes to vet for compliance with laws, including data privacy and security, and commitments to human rights. In addition to our focus on maintaining and promoting fundamental human rights in our operations and throughout our supply chain, as discussed in the section “Human Rights” below, we have made a conscious effort to support small, diverse businesses by conducting approximately $1 billion worth of work with small enterprises owned by minorities, women, veterans, and the economically disadvantaged groups in each of 2019 and 2020, an increase of $5 million over 2018.

Community

We are also focused on social issues outside of the culture and day-to-day operations of the Company, with an enhanced focus in 2020 due to the COVID-19 pandemic.

In July 2020, we announced our participation in The Fight Is In Us, a coalition formed to accelerate donations of blood plasma with COVID-19 antibodies. As a result of this program, we performed over 114,000 antibody tests at no charge.

Through our U.S. annual Employee Giving Campaign, donations were made to support the American Cancer Society, American Heart Association, American Diabetes Association, American Red Cross Disaster Relief, United Way, and the National Urban League. The National Urban League was included in 2020 in response to feedback from our employees requesting a charity focused on social and economic justice. The Company and its employees focused their efforts on helping the underserved in 2020 by donating to local food pantries and shelters, supporting educational programs aimed to help provide students and teachers with the resources needed during the pandemic, and supporting a number of patient assistance programs aimed at helping the underserved while they received care. In addition, the Company established the Labcorp Charitable Foundation which supports the Company’s strategic mission to improve health and improve lives with contributions focused on health and welfare, education, and community.

Environmental

We believe investments in the environment and sustainability are part of our mission of improving health and improving lives. In January 2020, we launched, through our energy management provider, a request for proposal to procure 100 percent renewable electricity supply resources for 22 of our locations in Virginia. As a result, we established a 56-month renewable energy agreement in Virginia in January 2020 that is expected to eliminate carbon emissions over the contract term. We also believe that our responsibility towards protecting and investing in our natural resources is a global one. Groundwater is one of the most important water sources in India, accounting for 63 percent of all irrigation water and over 80 percent of rural and urban domestic water supplies, but safe groundwater levels in India are in steep decline. In 2020, Covance by Labcorp partnered with the United Way in India to support rainwater harvesting, or the collection and storage of rainwater from the roofs of buildings to be subsequently used for domestic purposes, in several villages in India.

CORPORATE GOVERNANCE

In 2020, we increased efficiencies in our corporate fleet, including by introducing more hybrid vehicles, and made improvements to our facilities to make them more energy and water efficient. The Company has also participated in the Carbon Disclosure Project since the 2017 reporting period and are using knowledge gained from CDP participation to refine our carbon and energy reduction strategy in the future, including an enterprise-wide carbon reduction goal. Enterprise waste reduction and reclamation, including medical and hazardous waste, is also a priority. Our initiatives focus on reduction, and reclamation of waste with the objective of recovering energy and reducing waste to landfill. We track our annual waste to energy recovery, among other metrics, to ensure our progress in these initiatives.

Our Board has delegated the oversight of our environmental risks and initiatives to our Quality and Compliance Committee.

Human Rights

We recognize the importance of maintaining and promoting fundamental human rights in our operations and throughout our supply chain, and we operate under principles and guidance derived from the United Nations, the International Labor Organization, and the Organization for Economic Cooperation and Development. Our Quality and Compliance Committee and Compensation and Human Capital Committee have oversight over these risks and report regularly to the Board. The Company operates under policies and programs that (i) promote fair and equitable wages, benefits and other conditions of employment, (ii) recognize employees’ right to freedom of association, (iii) provide humane and safe working conditions, (iv) support a work environment that is free from human and sexual trafficking, forced and bonded labor, and unlawful child labor, (v) promote a workplace free of discrimination and harassment, and (vi) address the human rights and environmental issues connected with the mining and trading of conflict minerals.

Environmental and Social Reporting

We routinely publish a Corporate Responsibility Report, which highlights our commitment to environmental and social responsibility. A copy of our current Corporate Responsibility Report can be found under the “Corporate Governance” section of the “Investors” page on our website. Nothing on our website, including our Corporate Responsibility Report or sections thereof, shall be deemed incorporated by reference into this Proxy Statement.

Shareholder Engagement

In 2020, we continued our active shareholder engagement program, which included participation by both management and members of our Board, including our Audit Committee Chair. Our outreach to shareholders extends beyond operational results and business strategy; we also engage in outreach efforts to specifically discuss corporate governance, executive compensation, and other matters important to our shareholders. In 2020, we engaged with shareholders that represented more than 80 percent of the Company’s outstanding shares, including over 400 virtual one-on-one meetings and calls, to review and receive input on our corporate governance practices and executive compensation program, our performance, our differentiated and innovative solutions, our social and environmental initiatives, our progress in executing on our strategic priorities as a leading global life sciences company, and our response to and the impacts of the COVID-19 pandemic.

We value the input received from our shareholder engagement program. After reviewing the shareholder feedback with management, the Board uses this input as it considers long-term business strategy, executive compensation, corporate governance, and other emerging areas of shareholder concern.

We also consider the outcome of our annual say-on-pay votes when making executive compensation decisions. See “Proposal Two” below for this year’s “say-on-pay” proposal. Last year, approximately 88 percent of the shareholders’ votes represented at the 2020 Annual Meeting of Shareholders and entitled to vote on this proposal were voted in favor of the proposal. The Compensation and Human Capital Committee believes that this approval by a substantial majority of our shareholders demonstrates strong support for our approach to executive compensation and, as a result, the Compensation and Human Capital Committee continues to evaluate executive compensation using the same clear principles of performance-based compensation.

CORPORATE GOVERNANCE

As a result of our shareholder engagement in 2020, we took action that demonstrates our strong commitment to corporate governance:

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE

Board Structure and Independence

CORPORATE GOVERNANCE

Board Composition

The cornerstone of our governance philosophy is an independent and highly qualified board of directors. All directors are elected annually by a majority of votes cast by shareholders. All Board committees are composed entirely of independent directors.

Labcorp’s By-Laws provide for a Board of no fewer than one and no more than fifteen directors and our Corporate Governance Guidelines provide for a Board size ranging from no fewer than nine directors to no more than fifteen directors. There are currently ten members of the Board, and each member is standing for election at the 2021 Annual Meeting. For more details about the nominees for directors and their biographies, please see “Proposal One – Election of Directors” (page 35).

The Board carefully evaluates each incoming director candidate based on selection criteria and overall priorities for Board composition, including the Board’s commitment to actively developing a diverse pool of individuals from which director nominees may be selected. The selection criteria are periodically reviewed by the Nominating and Corporate Governance Committee with input from the rest of the directors. As our directors’ commitments change, the Board revisits their situations to ensure that their service continues to be in the best interests of the Company and our shareholders. We believe that a range of tenure among Board members coupled with a variety of backgrounds ensures a balanced mix of longer tenured directors with deep perspectives on our business with fresh and diverse perspectives in the boardroom. Six of the nine non-employee director nominees joined the Board within the last eight years.

The following charts provide information on the expected composition of the directors on our Board if the current nominees are elected at the 2021 Annual Meeting.    

CORPORATE GOVERNANCE

We expect high standards of ethical conduct from our directors and management as described in our Corporate Governance Guidelines and Code of Conduct and Ethics, both of which are available under the Corporate Governance tab of the Investors page of our website at www.Labcorp.com. We have included some highlights from these principles and a summary of key policies below.

Board Independence

The Board believes that a substantial majority of its members should be independent, non-employee directors. The Board has established guidelines for determining director independence that are consistent with the current listing standards of the New York Stock Exchange (the “Listing Standards”). In addition, director affiliations and transactions are regularly reviewed to ensure that there are no conflicts or relationships that might impair a director’s independence from the Company, senior management and our independent registered accounting firm as defined in the Listing Standards. Other than Mr. Schechter, all of our current Board members and all of the nominees for director qualify as “independent” as defined in the Listing Standards.

Board Leadership

The Chairman of the Board leads the Board and oversees Board meetings and the delivery of information necessary for the Board’s informed decision making. The Chairman also serves as the principal liaison between the Board and our management. The Board determines whether the roles of Chairman and Chief Executive Officer should be separated or combined based on its judgment as to the structure that best serves the interests of the Company at the time. As a general matter, the Board believes that the positions of Chairman and Chief Executive Officer should be held by the same person as this combination has served the Company well by providing unified leadership and direction in the management of the Company, contributing to an effective long-term strategy and delivering superior performance for our shareholders.    

Since 2009, the Board has also required that an independent director serve as Lead Independent Director when the Chief Executive Officer also serves as Chairman or the Chairman otherwise is not an independent director. The Lead Independent Director, among other tasks assigned in the Company’s Corporate Governance Guidelines, presides at executive sessions of the Board, serves as a liaison between the Chairman and the other directors, and advises the Chairman with respect to the schedule, agenda and information for Board meetings. The Board believes that appointing a Lead Independent Director provides an efficient and effective leadership model for the Company by fostering clear accountability, effective decision-making, alignment on corporate strategy between the Board and management and a cohesive public face for the Company’s independent Board members. Mr. Neupert has served as our Lead Independent Director since July 2019 and meets regularly with Mr. Schechter to review Board agendas, operations, and strategic issues discussed with the Board and other matters relating to the Board’s oversight functions.

The Board holds executive sessions without Company management and non-independent director participation. These sessions are generally held at each regularly scheduled meeting of the Board and at each special meeting upon the request of a majority of the independent directors attending the special meeting. The Company’s Corporate Governance Guidelines provide that the independent directors shall meet on a periodic basis, but no fewer than five times a year on the same day as the regularly scheduled Board meetings. In 2020, Mr. Neupert, in his capacity as the Lead Independent Director, chaired five meetings of the independent and non-employee directors to discuss strategy, compensation, succession planning, and other matters.

Board Oversight of ESG

The Board has principal responsibility for oversight of ESG topics, including environmental, social, human capital management, and governance, and delegates targeted oversight of specific areas of focus to its standing committees. For example, our Compensation and Human Capital Committee oversees our human capital management risks, and regularly receives diversity, equity, and inclusion updates at its meetings from our Chief Human Resources Officer and our Chief Diversity and Inclusion Officer. Our Quality and Compliance Committee has oversight of our environmental and social risks, and our Nominating and Corporate Governance Committee has oversight of our governance risks. Each committee regularly reports to the full Board.

CORPORATE GOVERNANCE

Annual Self-Assessment

As part of its commitment to strong governance, the Board conducts an annual self-assessment of its performance and effectiveness. The purpose of the self-assessment is to determine whether the Board and its committees are functioning effectively and to improve the performance of the Board as a unit. The self-assessment process fosters frank exchanges between directors and helps guide suggested changes or additions to committee responsibilities and operations. As part of the assessment, each director completes a detailed questionnaire developed by the Lead Independent Director, and the Lead Independent Director then conducts individual interviews with each director. The Lead Independent Director then leads a discussion of the results of the annual self-assessment with the Nominating and Corporate Governance Committee and separately with the full Board. In addition, each Board committee conducts a similar self-assessment of its performance focused on such committee’s key responsibilities. Feedback from the committees’ self-assessments is reviewed in the applicable committee and also presented to the full Board for review and discussion. These processes allow for each director to individually reflect on Board and committee effectiveness as well as to discuss performance as a group, providing a meaningful tool to focus on individual and collective areas for improvement.

Board’s Role in Risk Management

The Board oversees management’s establishment and maintenance of the Company’s risk management processes and regularly receives direct reports from those responsible for the operations of the Company. The Board delegates certain significant functional areas of risk management to the Board’s committees. Each committee also conducts its own risk assessment and risk management activities throughout the year, some of which are highlighted in the “Board Committees and Their Functions” section below, and reports its conclusions to the Board. The Board also encourages management to promote a corporate culture that integrates risk management into the Company’s corporate strategy and day-to-day business operations in a way that is consistent with the Company’s targeted risk profile.

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE

Cybersecurity Risk Management

The Audit Committee regularly reviews the Company’s cybersecurity and other information technology risks, controls, and procedures, including plans to mitigate cybersecurity risks and respond to data breaches. The Audit Committee receives reports at its regularly scheduled meetings from the Chief Information Security Officer and the Chief Information Officer on, among other things, the Company’s cyber risks and threats, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program, and the emerging threat landscape. In addition, the full Board receives briefings from the Chief Information Security Officer and the Chief Information Officer twice per year.

Compensation Risk Assessment

The Compensation and Human Capital Committee regularly reviews the Company’s compensation policies and procedures to ensure that those practices are consistent with emerging best practices, are aligned with the shareholders’ interests, and support the Company’s objective to attract and retain skilled and talented employees. Throughout the year, management reviews compensation policies, practices, and changes in applicable regulations with the Compensation and Human Capital Committee, including the impact of the Company’s pay practices on the Company’s risk profile. The Compensation and Human Capital Committee also works directly with its independent compensation consultant, Frederic W. Cook & Co. (“FW Cook”), evaluating the Company’s compensation philosophy and objectives to identify potential risks in the Company’s pay practices. After reviewing FW Cook’s analysis and the Compensation and Human Capital Committee’s findings, the Board has concluded that our compensation policies and practices are aligned with the interests of shareholders, appropriately reward pay for performance, and do not create risks that are reasonably likely to have a material adverse effect on the Company.

Identification and Evaluation of Director Candidates

Identification of Director Candidates

The Nominating and Corporate Governance Committee recommends a slate of directors to the Board for election by the Company’s shareholders at each annual meeting of shareholders and recommends candidates to the Board to fill any vacancies. Members of the Board are encouraged to identify potential candidates and these candidates are regularly reviewed by the committee, which maintains an active list of potential Board candidates. In addition, the committee is authorized to engage professional search firms at the Company’s expense to assist with the identification, evaluation and due diligence of potential nominees for the Board. The Nominating and Corporate Governance Committee believes it is important to maintain a Board with diverse experiences and expertise, including industry, operational, scientific and medical experience, financial expertise, global business experience, and executive leadership experience.

Shareholders may also suggest individuals to be considered by the Board as potential nominees for election to the Board. A shareholder may submit an individual for consideration by the Board of Directors in connection with the 2022 Annual Meeting of Shareholders by providing certain information as set forth in the By-Laws, in writing, to the Corporate Secretary of the Company at 358 South Main Street, Burlington, North Carolina 27215. These suggestions for the 2022 Annual Meeting must be received no earlier than the 120^th day prior to the anniversary date of the 2021 Annual Meeting (i.e., January 12, 2022) and no later than the 60^th day prior to the anniversary date of the 2021 Annual Meeting (i.e., March 13, 2022). Nominees that comply with the foregoing procedures will receive the same consideration as other candidates identified by or to our Nominating and Corporate Governance Committee.

Under the Company’s proxy access by-law, eligible shareholders also may submit their own nominations to the Board to be included in the Company’s proxy statement for the 2022 Annual Meeting of Shareholders. The By-Laws permit a shareholder, or a group of up to 20 shareholders, owning three percent or more of the Company’s outstanding Common Stock continuously for at least three years to nominate and have included in the Company’s proxy materials persons for election to the Board constituting up to 20 percent of the Board, provided that the shareholder(s) and the nominee(s) satisfy certain requirements specified in the By-Laws. For a shareholder nominee to be included in the Company’s proxy statement for the 2022 Annual Meeting of Shareholders under the proxy access by-law, the

CORPORATE GOVERNANCE

information required by the By-Laws must be received by Sandra D. van der Vaart, Secretary, Laboratory Corporation of America Holdings, 358 South Main Street, Burlington, North Carolina 27215 no earlier than the close of business on the 150^th day prior to the anniversary date of the distribution of this proxy statement (i.e., November 3, 2021) and no later than the close of business on the 120^th day prior to the anniversary date of the distribution of this proxy statement (i.e., December 3, 2021).

The By-Laws may be obtained free of charge by writing to the Company’s Corporate Secretary and are included as Exhibit 3.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on February 25, 2021.

Evaluation of Director Candidates

When evaluating prospective candidates for director, including those nominated by shareholders, the Nominating and Corporate Governance Committee conducts individual evaluations of the candidates, taking into account the criteria enumerated in the Company’s Corporate Governance Guidelines (see description below). Among other things, the Committee considers whether prospective candidates have:

CORPORATE GOVERNANCE

The Company’s Corporate Governance Guidelines provide that the Nominating and Corporate Governance Committee is responsible for reviewing with the Board the appropriate skills and characteristics required of Board members in the context of the Company’s business needs and the current composition of the Board. This assessment includes, among other characteristics, diversity, age, background, skills, and expertise in the context of the perceived needs of the Board at the time of such assessment. The Company believes that Board membership should reflect diversity in its broadest sense, including persons diverse in gender, ethnicity, and geography, and actively considers these factors in its analysis of potential nominees. The Board seeks independent directors who represent a mix of backgrounds and experiences that will enhance the quality of the Board’s deliberations and decisions, including experience with publicly traded national, international or multinational companies, executive or financial management experience and/or achievement with distinction in their chosen fields. The Board believes that its composition reflects a balance of skills, experiences, diversity and expertise that provides strong and broad oversight, practical experience and strategic vision to the Company.

Director candidates, other than sitting directors, may be interviewed by the Chairman of the Nominating and Corporate Governance Committee, other directors, the Chief Executive Officer and the Corporate Secretary. The results of these interviews, as well as any other materials received by the Nominating and Corporate Governance Committee that it deems relevant, are considered by the Nominating and Corporate Governance Committee in making its recommendation to the Board.

As a part of the Company’s continued process of Board renewal and succession planning, the Nominating and Corporate Governance Committee sought to add an additional director to the Board, particularly one who had a similar background, experience, and profile as Ms. Wengel, including with respect to her global executive and public company management expertise. As part of its efforts to identify potential nominees, Board members reached out to peers to request referrals. Ms. Wengel was referred to our Chief Executive Officer as a potential Board member, and after a comprehensive review and based on the recommendation of the Nominating and Corporate Governance Committee, Ms. Wengel was appointed to the Board on March 25, 2021.

Communications with the Board

Shareholders and interested parties may communicate with the Board, individually or as a group, by submitting written communications to the appropriately addressed Board member(s), c/o Corporate Secretary, Laboratory Corporation of America Holdings, 358 South Main Street, Burlington, North Carolina 27215.

All communications with the Board will be reviewed initially by the Corporate Secretary, who will relay all communications to the appropriate director or directors unless the communication is:

Directors may decide whether any of the communications addressed to their attention should be presented to the full Board, to one or more of its committees or to the Company’s management. Each director also has the discretion to determine whether a response to the person sending the communication is appropriate. Any response will be made through the Company’s Corporate Secretary in accordance with the Company’s policies and procedures and applicable law and regulations relating to the disclosure of information.

The Nominating and Corporate Governance Committee, comprised entirely of independent, non-employee directors, has reviewed and approved the foregoing procedures and is responsible for recommending changes to the procedures as necessary.

CORPORATE GOVERNANCE

Board Committees and Their Functions

The Board has four standing committees that are each composed entirely of independent directors. The Nominating and Corporate Governance Committee reviews committee and committee chair assignments annually and recommends committee rosters to the full Board after considering factors such as the directors’ business and corporate governance experience, their preferences, criteria for specific committee service, and the directors’ other responsibilities and scheduling flexibility. While there is no specific requirement for committee refreshment, the Nominating and Corporate Governance Committee will recommend changes that are intended to ensure that the membership of each committee reflects the appropriate mix of tenure, experience, and fresh perspectives. Committee membership shown below is as of March 24, 2021:

AUDIT COMMITTEE

COMPENSATION AND HUMAN CAPITAL COMMITTEE

NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

QUALITY AND COMPLIANCE COMMITTEE

Kerrii B. Anderson

Jean-Luc Bélingard

Jeffrey A. Davis

D. Gary Gilliland

Garheng Kong

Peter M. Neupert ✓

Richelle P. Parham

Adam H. Schechter

R. Sanders Williams

Number of 2020 Meetings

9

4

3

3

   | Chairperson

   | Member

  | Financial Expert

✓  | Lead Independent Director

CORPORATE GOVERNANCE

Charters for each of the committees are available under the Corporate Governance tab of the Investors page of the Company’s website at www.Labcorp.com. Each committee reviews its respective charter on an annual basis.

The Audit Committee meets regularly and in executive sessions with the Company’s independent auditor, management, and the Company’s internal auditors. In its meetings with the independent auditor and the internal auditors, the Audit Committee discusses, among other things, the overall scope and plans for their respective audits, the results of their examinations, critical audit matters, and their evaluations of the Company’s internal controls.

The Audit Committee constitutes a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board has determined that Ms. Anderson, Mr. Davis, and Mr. Neupert are each an “audit committee financial expert” as defined in the SEC’s rules. The Board has also determined that Ms. Anderson, Mr. Davis, and Mr. Neupert each have the “accounting or related financial management expertise” required by the Listing Standards.

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE

Board and Committee Meetings

During 2020, the Board held nine meetings and acted six times by unanimous written consent, and the Board’s standing committees held a total of 19 meetings. Overall attendance at Board and committee meetings was approximately 97.5 percent, with all current directors attending 100 percent of regularly scheduled meetings and 90 percent or more of the aggregate of all meetings of the Board and the committees on which he or she served during 2020. In his capacity as the Lead Independent Director, Mr. Neupert chaired five meetings of the independent and non-employee directors on the same days as the regularly scheduled Board meetings. Members of the Board are encouraged to attend our annual meetings and all of the directors who were then serving attended the 2020 Annual Meeting of Shareholders.

Corporate Governance Policies and Procedures

Corporate Governance Guidelines

The Board has adopted a set of Corporate Governance Guidelines that address a number of topics, including composition of the Board, director independence, annual self-assessment by the Board and its Committees, retirement of directors and succession planning. The Nominating and Corporate Governance Committee reviews the Corporate

CORPORATE GOVERNANCE

Governance Guidelines on a regular basis and any proposed additions or amendments are submitted to the full Board for its consideration. Shareholders may request a printed copy of the Corporate Governance Guidelines from the Corporate Secretary or access a copy on the Investors page under the Corporate Governance tab of Labcorp’s website at www.Labcorp.com.

Code of Conduct and Ethics

The Board has also adopted a Code of Conduct and Ethics (the “Code”) that is applicable to all directors, officers and employees of the Company and its subsidiaries and affiliates. The Code sets forth Company policies and expectations on a number of topics, including but not limited to, conflicts of interest, confidentiality, compliance with laws (including insider trading laws), preservation and use of Company assets, and business ethics. The Code also sets forth procedures for reporting and handling any potential violation of the Code, conflicts of interest and the appearance of any conflict of interest. The Code is regularly reviewed by management, the Audit Committee and the Quality and Compliance Committee and proposed additions or amendments are considered by the full Board. Shareholders may request a printed copy of the Code of Conduct and Ethics from the Corporate Secretary or access a copy under the Corporate Governance tab of the Investors page on Labcorp’s website at www.Labcorp.com. In addition, any waivers for directors, officers, and employees of the Company or amendments to the Code will also be posted on Labcorp’s website.

Related Party Transactions

The Board has adopted a Related Party Transaction Policy pursuant to which, and in accordance with its charter, the Board’s Audit Committee, or the full Board, is responsible for reviewing and approving the terms and conditions of related party transactions. The Company’s directors and key employees, including all members of senior management, complete annual reports disclosing, or certifying the absence of, any related party transactions. The Audit Committee reviews all potential transactions involving related persons (as such transactions are defined by Item 404(a) of Regulation S-K as promulgated by the SEC) before allowing the Company to enter into any such transaction. Based on the Company’s review of its transactions, there have been no transactions or proposed transactions considered to be related party transactions since January 1, 2020.

DIRECTOR COMPENSATION

The Company’s director compensation is designed to attract and retain highly qualified, independent directors to represent shareholders on the Board and act in their best interest. The Compensation and Human Capital Committee, which consists solely of independent directors, has primary responsibility for setting our director compensation. FW Cook, the Committee’s independent compensation consultant, assists the Compensation and Human Capital Committee in evaluating our director compensation program.

Elements of Non-Employee Director Compensation

Director compensation is designed to align director compensation with emerging best practices and reflect the Board’s belief that director compensation should not depend upon the number of meetings held but rather on the ongoing work and role of the directors throughout the year. The 2020 elements of our non-employee director compensation included the following:

DIRECTOR COMPENSATION

Our non-employee director compensation program is intended to maintain director pay levels with the competitive median of the peer group used for the purposes of director compensation comparisons and broader industry benchmarks. In 2020, FW Cook conducted a study of our non-employee director compensation and confirmed that the directors’ cash and equity compensation remained consistent with market practice and as such, recommended no change to the current program.

Director Stock Ownership Program

Maintaining a significant personal level of stock ownership ensures that each director is financially aligned with the interests of our shareholders. The Board believes that by holding an equity position in the Company, directors demonstrate their alignment with the long-term strategy and initiatives of the Company. Each non-employee director is required to acquire and maintain a number of shares having a value equal to five times that of the annual cash retainer.

For purposes of determining whether the stock ownership requirement is satisfied, a calculation is performed for each director annually as of the business day closest to June 30 of each year (the “Measurement Date”), utilizing the average closing price of the Company’s Common Stock for the 90-day period ending on the Measurement Date. For new participants, the stock ownership requirement is initially determined as of the date that the director becomes a participant, utilizing the average closing price of the Company stock for the 90-day period ending on that date.

Until the required level of ownership is met, a director is required to hold 50 percent of any shares of Common Stock acquired upon the lapse of restrictions on any stock grant and upon the exercise of stock options, net of any shares utilized to pay for the exercise price of the option and any tax withholding, if applicable. If a director fails to meet or show progress towards satisfying these requirements, the Compensation and Human Capital Committee may reduce future equity grants to that director. Once satisfied, each director is required to maintain the required level of stock ownership for his or her entire tenure of service on the Board. Each member of our Board is currently in compliance with the director stock ownership program, either through satisfying the required level of ownership, or by satisfying the holding requirement.

Summary of 2020 Director Compensation

The compensation paid by the Company to the directors for 2020, other than Mr. Schechter, is set forth in the table below. Information on compensation for Mr. Schechter is set forth in the “Executive Compensation” section below (page 71).

DIRECTOR COMPENSATION

PROPOSAL ONE – ELECTION OF DIRECTORS

The Nominating and Corporate Governance Committee and the full Board have nominated each of Kerrii B. Anderson, Jean-Luc Bélingard, Jeffrey A. Davis, D. Gary Gilliland, Garheng Kong, Peter M. Neupert, Richelle P. Parham, Adam H. Schechter, Kathryn E. Wengel and R. Sanders Williams for election at the 2021 Annual Meeting to hold office until the next annual meeting of shareholders or until his or her earlier death, resignation or removal. All nominees have consented to serve, and the Board does not know of any reason why any nominee would be unable to serve. No director nominee is related to any of our other director nominees or executive officers and there are no arrangements or understandings between a director and any other person pursuant to which such person was selected as a director nominee. If a nominee becomes unavailable or unable to serve before the 2021 Annual Meeting, the Board can either reduce its size or designate a substitute nominee. If the Board designates a substitute, your proxy will be voted for the substitute nominee.

Information about each nominee is included below, including details about the nominee’s qualifications, skills, and experiences that supported the determination by the Nominating and Corporate Governance Committee and the Board that the person should serve as a director of Labcorp.

Nominees to the Board of Directors

AGE 56   President and Chief Executive Officer   DIRECTOR SINCE APRIL 2013

ADAM H. SCHECHTER President and Chief Executive Officer, Chairman   PROFESSIONAL HIGHLIGHTS Adam H. Schechter has served as a director of the Company since April 1, 2013 and as the President and Chief Executive Officer of the Company since November 1, 2019. Prior to that, Mr. Schechter was an Executive Vice President of Merck & Co., Inc., a pharmaceutical company, from 2010 to 2018, where he was a member of Merck’s executive committee and pharmaceutical and vaccines operating committee. He served as special advisor to the CEO of Merck from January 2019 to July 2019. He previously served as President of Merck’s Global Human Health Division, which includes the company’s worldwide pharmaceutical and vaccine businesses from 2010 to 2018. Prior to becoming President, Global Human Health, Mr. Schechter served as President, Global Pharmaceutical Business from 2007 to 2010.   OTHER RELEVANT EXPERIENCE   • Board Member of Water.org   • Executive Board Member of National Alliance for Hispanic Health   SKILLS AND QUALIFICATIONS   • Global and U.S.-focused leadership roles, while at Merck, spanning sales, marketing, and managed markets, as well as business and product development   • Deep knowledge of the pharmaceutical and healthcare industries and extensive experience collaborating with many of the industries’ key stakeholders to achieve patient-focused outcomes

ELECTION OF DIRECTORS

AGE 63   DIRECTOR SINCE MAY 2006   •  Audit Committee (Chair) (Financial Expert)   •  Nominating and Corporate Governance Committee

KERRII B. ANDERSON Independent Director   PROFESSIONAL HIGHLIGHTS Kerrii B. Anderson has served as a director of the Company since May 17, 2006. Ms. Anderson was Chief Executive Officer of Wendy’s International, Inc., a restaurant operating and franchising company, from April 2006 until September 2008, when the company was merged with Triarc. Ms. Anderson served as Executive Vice President and Chief Financial Officer of Wendy’s International from 2000 to 2006. Prior to this position, she was Chief Financial Officer, Senior Vice President of M/I Schottenstein Homes, Inc. from 1987 to 2000.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   • Worthington Industries, Inc.   • Abercrombie & Fitch Co.   • The Sherwin-Williams Company   PREVIOUS PUBLIC COMPANY BOARD EXPERIENCE   • Chiquita Brands International Inc., Chairwoman   • PF Chang’s China Bistro, Inc.   OTHER RELEVANT EXPERIENCE   • Financial Committee of the Columbus Foundation   • Board of Trustees, Chair of the Finance, and Audit Committee for Ohio Health   • Board of Trustees, Chairwoman of the Audit Committee for Elon University   SKILLS AND QUALIFICATIONS   • Strong record of leadership in operations and strategy   • Audit committee financial expert with CEO and CFO experience   • Extensive public company board, governance, and audit committee experience   • Extensive financial, mergers and acquisitions, international, talent management, corporate governance and executive compensation experience

ELECTION OF DIRECTORS

AGE 72   DIRECTOR SINCE APRIL 1995   • Compensation and Human Capital Committee   • Quality and Compliance Committee

JEAN-LUC BÉLINGARD Independent Director   PROFESSIONAL HIGHLIGHTS Jean-Luc Bélingard has served as a director of the Company since April 28, 1995. Mr. Bélingard serves currently as Operating Advisor to Clayton, Dubilier & Rice, a private equity investment firm, since October 2019. From 2011 to December 2017, Mr. Bélingard served as Chairman and CEO of bioMérieux (Président Directeur Général), the worldwide leader of the IVD microbiology segment and a non-U.S. public company. Mr. Bélingard continues to serve on the board of directors of bioMérieux and as Vice President of Institut Mérieux. Mr. Bélingard retired as Chairman and Chief Executive Officer of Ipsen SA, a diversified French healthcare holding company, on November 22, 2010. He had served in that position since 2002. Prior to this position, Mr. Bélingard was Chief Executive Officer from 1999 to 2001 of bioMérieux-Pierre Fabre, a diversified French healthcare holding company, where his responsibilities included the management of that company’s worldwide pharmaceutical and cosmetic business. From 1990 to 1999, Mr. Bélingard was Chief Executive Officer of Roche Diagnostics and a member of the Hoffman La Roche group Executive Committee.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   • Lupin Limited (India) (non-U.S.)   • bioMérieux SA (France) (non-U.S.)   OTHER RELEVANT EXPERIENCE   • Director of Transgene SA, an Institut Mérieux company   • Board member of Laboratoire Pierre Fabre S.A., which is owned by The Pierre Fabre Foundation, a government-recognized public organization   • Member of the Advisory Group of Novo Holdings, wholly owned by the Novo Nordisk Foundation.   • Bill and Melinda Gates Foundation CEO Roundtable   • French Federation of Health Industries (Fédération Française des Industries de Santé), previous Chairman   • Conseil National de l’Industrie (C.N.I.) (prior member)   SKILLS AND QUALIFICATIONS • Long tenure at Roche, Ipsen and bioMérieux demonstrates valuable business, leadership and management experience, including leading a large healthcare organization with global operations   • Strong strategic, operational and risk management background and international perspective   • Extensive corporate governance experience through service on other public company boards

ELECTION OF DIRECTORS

AGE 57   DIRECTOR SINCE DECEMBER 2019   • Audit Committee (Financial Expert)   • Quality and Compliance Committee

JEFFREY A. DAVIS Independent Director   PROFESSIONAL HIGHLIGHTS Jeffrey A. Davis has served as a director of the Company since December 1, 2019. Mr. Davis currently serves as the Chief Financial Officer of Qurate Retail Group, a leading retailer and media conglomerate comprised of eight retail brands including QVC, HSN and Zulily, since October 2018. Prior to Qurate Retail Group, Mr. Davis served as Chief Financial Officer of J. C. Penney Company Inc., a retail company, from July 2017 until September 2018. Prior to joining J. C. Penney, Mr. Davis served as Chief Financial Officer of Darden Restaurants, Inc., a restaurant operator, from July 2015 until March 2016 and Chief Financial Officer of the Walmart U.S. segment of Walmart Inc. from January 2014 to May 2015, and in various other positions of increasing responsibility at Walmart U.S. from 2006 to 2013. Mr. Davis’ experience also includes nine years in senior executive roles at Lakeland Tours LLC and McKesson Corporation. Mr. Davis holds a bachelor’s degree in accounting from the Pennsylvania State University and a master’s degree in business administration from the Joseph M. Katz Graduate School of Business at the University of Pittsburgh.   SKILLS AND QUALIFICATIONS   • Extensive financial management and public company leadership experience as a CFO across multiple industries   • Experience in mergers and acquisitions, capital structure, financial planning, and expertise in management

ELECTION OF DIRECTORS

AGE 66   DIRECTOR SINCE APRIL 2014   • Audit Committee   • Quality and Compliance Committee

D. GARY GILLILAND, M.D., PH.D. Independent Director   PROFESSIONAL HIGHLIGHTS D. Gary Gilliland has served as a director of the Company since April 1, 2014. Dr. Gilliland has served as President and Director Emeritus of the Fred Hutchinson Cancer Research Center, a research organization, in Seattle, WA since January 31, 2020. From January 2, 2015 to January 30, 2020, Dr. Gilliland previously served as President and Director of the Fred Hutchinson Cancer Research Center. Prior to that, he was the inaugural Vice Dean and Vice President for Precision Medicine at the University of Pennsylvania Perelman School of Medicine from October 2013 to January 2015, where he was responsible for synthesizing research and clinical-care initiatives across all medical disciplines including cancer, heart and vascular medicine, neurosciences, genetics, and pathology, to create a national model for the delivery of precise, personalized medicine. From 2009 until he joined Penn Medicine in 2013, Dr. Gilliland was Senior Vice President of Merck Research Laboratories and Oncology Franchise Head. At Merck, Dr. Gilliland oversaw first-in-human studies, proof-of-concept trials, and Phase II/III registration trials that included the development of pembrolizumab (anti-PD1) for treatment of cancer, and managed all preclinical and clinical oncology-licensing activities. Prior to joining Merck, Dr. Gilliland was a member of the faculty at Harvard Medical School for nearly 20 years, where he served as Professor of Medicine and a Professor of Stem Cell and Regenerative Biology. He was also an Investigator of the Howard Hughes Medical Institute from 1996 to 2009, Director of the Leukemia Program at the Dana-Farber/Harvard Cancer Center from 2002 to 2009, and Director of the Cancer Stem Cell Program of the Harvard Stem Cell Institute from 2004 to 2009. Dr. Gilliland has a Ph.D. in Microbiology from UCLA and an M.D. from UCSF.   SKILLS AND QUALIFICATIONS   • Board-certified in Internal Medicine and Fellowship training in Hematology and Oncology, each at Harvard Medical School   • Expertise in cancer genetics and experience working within medical communities ranging from academia to the pharmaceutical industry   • Executive experience in clinical research and healthcare finance and mergers and acquisitions

ELECTION OF DIRECTORS

AGE 45   DIRECTOR SINCE DECEMBER 2013   •  Compensation and Human Capital Committee (Chair)   •  Nominating and Corporate Governance Committee

GARHENG KONG, M.D., PH.D. Independent Director   PROFESSIONAL HIGHLIGHTS Dr. Kong has served as a director of the Company since December 1, 2013. Dr. Kong has been managing partner of HealthQuest Capital, a healthcare-focused investment firm, since he founded HealthQuest Capital in 2012. He was previously a general partner at Sofinnova Capital, a position he held from 2010 to 2013. Before joining Sofinnova, Dr. Kong was a general partner from 2000 to 2010 at Intersouth Partners, a venture capital firm where he was a founding investor or board member for various life science ventures, several of which were acquired by large pharmaceutical companies. Prior to his investing career, Dr. Kong was employed by GlaxoSmithKline, McKinsey & Company, and TherOx. Dr. Kong holds an M.D. and Ph.D. in Biomedical Engineering and an M.B.A. from Duke University.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   • Venus Concept Inc.   • Alimera Sciences, Inc.   • Strongbridge Biopharma plc, Chairman   PREVIOUS PUBLIC COMPANY BOARD EXPERIENCE   • Histogenics Corporation   • Avedro, Inc.   • Melinta Therapeutics, Inc.   OTHER RELEVANT EXPERIENCE   • Duke University Medical Center Board of Visitors   SKILLS AND QUALIFICATIONS   • Knowledge and experience in both the healthcare and finance fields   • Executive leadership experience   • Life science-related venture capital experience   • Corporate governance expertise through service on public company boards

ELECTION OF DIRECTORS

AGE 65   DIRECTOR SINCE JANUARY 2013   •  Lead Independent Director   •  Audit Committee (Financial Expert)   •  Nominating and Corporate Governance Committee (Chair)

PETER M. NEUPERT Independent Director   PROFESSIONAL HIGHLIGHTS Peter M. Neupert has served as a director of the Company since January 1, 2013. Mr. Neupert was an Operating Partner at Health Evolution Partners, a health only, middle market private equity firm, from January 2012 until June 2015. Prior to that, Mr. Neupert served as Corporate Vice President of the Microsoft Health Solutions Group from its formation in 2005 to January 2012. Mr. Neupert served on the President’s Information Technology Advisory Committee (PITAC), co-chairing the Health Information Technology Subcommittee and helping to drive the “Revolutionizing Health Care Through Information Technology” report, published in June 2004. Mr. Neupert served as the founding President and Chief Executive Officer of drugstore.com from 1998 to 2001 and as Chairman of the board of directors through September 2004.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   •   Adaptive Biotechnologies Corporation, Lead Independent Director   PREVIOUS PUBLIC COMPANY BOARD EXPERIENCE   •   Quality Systems, Inc. (now NextGen Healthcare, Inc.)   •   drugstore.com, Chairman   OTHER RELEVANT EXPERIENCE   •   Institute of Medicine’s Roundtable on Value & Science-Driven Healthcare, prior Member   •   Fred Hutchinson Cancer Research Center, prior Trustee   •   Freedom Innovations LLC, prior Director   SKILLS AND QUALIFICATIONS   •   Expertise in health information technology and how to grow shareholder value leveraging business strategies with technology   •   Audit committee financial expert   •   Corporate governance and business strategy expertise   •   Expertise and experience in cybersecurity matters

ELECTION OF DIRECTORS

AGE 53   DIRECTOR SINCE FEBRUARY 2016   •  Compensation and Human Capital Committee   •  Nominating and Corporate Governance Committee

RICHELLE P. PARHAM Independent Director   PROFESSIONAL HIGHLIGHTS Richelle Parham has served as a director of the Company since February 8, 2016. In October 2019, Ms. Parham became a Managing Director of WestRiver Group, which is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy with investments focused on technology, life sciences, energy, and experiential sectors. She is currently a Strategic Advisor at Camden Partners, a private equity firm, where she previously served as a General Partner from October 2016 to October 2019. Prior to Camden Partners, Ms. Parham served as Vice President, Chief Marketing Officer of eBay from November 2010 to March 2015. Ms. Parham was responsible, globally, for eBay brand strategy and brand marketing, to reach 108+ million active eBay users, Internet marketing and for customer relationship management. Prior to joining eBay, Ms. Parham served as head of Global Marketing Innovation and Initiatives and head of Global Marketing Services at Visa, Inc. from 2008 to 2010. Her experience also includes 13 years at Digitas, Inc., a leading marketing agency, where she held a variety of senior leadership roles, including senior vice president and general manager of the agency’s Chicago office.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   •   Best Buy Co., Inc.   •   e.l.f. Beauty, Inc.   PREVIOUS PUBLIC COMPANY BOARD EXPERIENCE   •   Scripps Network Interactive Inc.   OTHER RELEVANT EXPERIENCE   •   Girls Who Code, Advisory Board   •   Board of Trustees of Drexel University   SKILLS AND QUALIFICATIONS   •   Extensive senior-level executive experience, including in corporate finance and mergers and acquisitions   •   More than 20 years of global strategy and marketing experience, as well as expertise in understanding consumers and the consumer decision journey

ELECTION OF DIRECTORS

AGE 55   DIRECTOR SINCE March 2021   • Quality and Compliance Committee

KATHRYN E. WENGEL Independent Director   PROFESSIONAL HIGHLIGHTS Kathryn E. Wengel has served as a director of the Company since March 25, 2021. Ms. Wengel currently serves as the Executive Vice President, Chief Global Supply Chain Officer, and as an Executive Committee member and Executive Officer of Johnson & Johnson, a leading healthcare company, since July 2018. Since joining Johnson & Johnson in 1988, Ms. Wengel has served in various positions of increasing responsibility across the enterprise both in the U.S. and various locations globally, including as the Worldwide Vice President, Chief Supply Chain Officer from March 2014 until July 2018, and as the Company’s first Chief Quality Officer from April 2010 until March 2014. Ms. Wengel holds a Bachelor of Science in Civil Engineering and operations research from Princeton University.   RELEVANT EXPERIENCE   •   GS1 Global, Chairman of Board of Directors   •   U.S. National Association of Manufacturers, Executive Committee Member   •   Advancing Women’s Excellence in Supply Chain Operations Management and Education, Advisory Board Member   SKILLS AND QUALIFICATIONS   •   Extensive experience in managing complex supply chains, operations, and quality and compliance   •   Knowledge and experience in the healthcare field   •   Executive leadership experience   •   Advocate and sponsor of several key diversity initiatives

ELECTION OF DIRECTORS

AGE 72   DIRECTOR SINCE MAY 2007   • Audit Committee   • Quality and Compliance Committee (Chair)

R. SANDERS WILLIAMS, M.D. Independent Director   PROFESSIONAL HIGHLIGHTS Dr. R. Sanders Williams has served as a director of the Company since May 16, 2007. Dr. Williams currently serves as Vice President for Research and Innovation (interim) of Duke University. He also is President Emeritus of The J. David Gladstone Institutes, a life sciences research organization, since January 1, 2018. Prior to this appointment, he was president of The J. David Gladstone Institutes since November 2009, and he served as Chief Executive Officer of The J. David Gladstone Foundation until December 31, 2018. Dr. Williams also has served as Professor of Medicine at the University of California San Francisco, Professor of Medicine at Duke University, and Senior Advisor for science and technology, Duke University. Dr. Williams served Duke University between 2001 and 2010 as Dean of the School of Medicine, Senior Vice Chancellor, Senior Advisor for International Strategy, and founding Dean of the Duke-NUS Graduate Medical School Singapore.   CURRENT PUBLIC COMPANY BOARD EXPERIENCE   •   Amgen, Inc.   PREVIOUS PUBLIC COMPANY BOARD EXPERIENCE   •   Bristol-Meyers Squibb Company   •   President of the Association of University Cardiologists   OTHER RELEVANT EXPERIENCE   •   Research Committee of the American Heart Association, prior Chairman   •   Advisory Committee to the Director of the National Institutes of Health, prior Member   •   Board of external advisors to the National Heart, Lung and Blood Institute, prior Member   •   National Academy of Medicine   •   American Association for the Advancement of Science   SKILLS AND QUALIFICATIONS   •   Experience as a physician, biomedical scientist, and executive leader   •   Corporate finance, mergers and acquisitions, complex health systems, including international healthcare organizations and delivery systems, and corporate governance experience

EXECUTIVE OFFICERS

Information regarding each of Labcorp’s executive officers and their relevant business experience is summarized below.

Adam H. Schechter

President and Chief Executive Officer

See “Proposal One: Election of Directors” (page 35) for information about Mr. Schechter.

Lance V. Berberian

Executive Vice President and Chief Information and Technology Officer

Lance V. Berberian (58) has served as Executive Vice President and Chief Information and Technology Officer since February 15, 2020. Prior to that he served as Senior Vice President and Chief Information Officer from February 2014. Prior to joining Labcorp, he served as the Chief Information Officer at IDEXX Laboratories, Inc., a global leader in diagnostics and IT solutions for animal health and food and water quality, from 2007 to 2014. Mr. Berberian also served as Chief Information Officer and President of Kellstrom Defense Aerospace Inc., a fully integrated supply chain firm, from 2000 to 2007. Prior to that, he was the Chief Information Officer of Interim HealthCare Inc. from 1997 to 2000. Mr. Berberian serves as a Strategic Advisory Board member for North Carolina State University’s Department of Computer Science, on the Advisory Board of the Master of Science in Informatics and Analytics (MSIA) program for University of NC Greensboro, on the University of Chapel Hill’s Carolina Health Informatics Program (CHIP) Advisory Board, and on the Board of Trustees at Elon University. Mr. Berberian holds Bachelor’s degrees in Business Administration and Information Technology from Thomas Edison State College.

Brian J. Caveney, M.D.

Executive Vice President, President, Diagnostics and Chief Medical Officer

Brian J. Caveney (47) has served as Executive Vice President, President, Diagnostics and Chief Medical Officer since November 5, 2019. Prior to that he served as Senior Vice President and Chief Medical Officer from September 2017. In his role as Chief Medical Officer, he has broad responsibility for the medical and scientific strategy of the enterprise. From 2011 until joining the Company, Dr. Caveney worked at Blue Cross and Blue Shield of North Carolina (Blue Cross NC), a health care insurance provider, and was most recently Chief Medical Officer. In addition to various roles in the Healthcare Division of the core health plan, Dr. Caveney also served as Chief Clinical Officer of Mosaic Health Solutions, a wholly owned subsidiary of Blue Cross NC for strategic investments in diversified health solutions businesses. Prior to joining Blue Cross NC, Dr. Caveney was a practicing physician and assistant professor at Duke University Medical Center and also provided consulting services for several companies in the Research Triangle Park, North Carolina, region. Dr. Caveney holds an M.D. from the West Virginia University School of Medicine, a J.D. from the West Virginia University College of Law and an M.P.H. in health policy and administration from the University of North Carolina at Chapel Hill. He completed his residency at Duke University Medical Center and is board-certified in preventive medicine, with a specialty in occupational and environmental medicine. He is the past President of the Southeastern Atlantic College of Occupational and Environmental Medicine.

EXECUTIVE OFFICERS

Glenn A. Eisenberg

Executive Vice President and Chief Financial Officer

Glenn A. Eisenberg (59) has served as Executive Vice President and Chief Financial Officer since June 2014. Mr. Eisenberg received his Bachelor of Arts degree from Tulane University in 1982 and his Master of Business Administration from Georgia State University in 1988. From 2002 until joining the Company, he served as the Executive Vice President of Finance and Administration and Chief Financial Officer at The Timken Company, a leading global manufacturer of highly engineered bearings and alloy steels and related products and services. Previously, he served as President and Chief Operating Officer of United Dominion Industries, a diversified industrial manufacturer, now a subsidiary of SPX Corporation, after working in several roles in finance, including Executive Vice President and Chief Financial Officer. Mr. Eisenberg has served on the Board of Directors of US Ecology, Inc. (NASDAQ: ECOL) since December 2018, and as a director of Perspecta Inc. (NYSE: PRSP) since May 2019. Mr. Eisenberg served on the Boards of Directors of Family Dollar Stores Inc. until July 2015, where he chaired the Audit Committee; and Alpha Natural Resources Inc. until May 2015, where he was the lead independent director and chaired the Nominating and Corporate Governance Committee.

Paul R. Kirchgraber, M.D.

Executive Vice President and Chief Executive Officer, Drug Development

Paul Kirchgraber (59) has served as Executive Vice President and Chief Executive Officer, Drug Development since November 1, 2019. From July 2018 until then, Dr. Kirchgraber served as Senior Vice President and head of Covance’s clinical trial testing solutions, and he served as Senior Vice President of Central Laboratories from April 2015 until July 2018. He served as Vice President and General Manager of Americas with Covance Central Laboratories from 2012 until 2015. Prior to that Dr. Kirchgraber served as Vice President Global Laboratory Operations and Medical Affairs with Covance Central Laboratory from 2009 – 2015. Prior to joining the Company, Dr. Kirchgraber also served at Quintiles Laboratories Ltd., a provider of laboratory services, now a part of IQVIA Holdings, Inc., as Vice President and Global Medical Director where he was responsible for oversight of wholly owned laboratories in the U.S., Singapore, South Africa, India, and China and as Senior Director of Laboratory Services/North American Medical Director where he had operational responsibility for laboratory and specimen management departments and was the medical director of the U.S. laboratory. Dr. Kirchgraber received his medical degree from Cornell University and his Master’s degree in Business Administration from Binghamton University, and he holds three board certifications from the American Board of Pathology.

Mark S. Schroeder

Executive Vice President, and President, Diagnostics Laboratory Operations and Global Supply Chain

Mark Schroeder (60) has served as Executive Vice President and President, Diagnostics Laboratory Operations and Global Supply Chain since November 5, 2019. From March 2016 until then, Mr. Schroeder served as Chief Supply Chain Officer. In that role, he was responsible for Labcorp’s global supply chain management function and overseeing Diagnostics and Drug Development supply chain operations around the world. Prior to that role, he served as Senior Vice President, Integrated Genetics, Oncology and Supply Chain Operations from 2014 to 2016. He was the Senior Vice President, Supply Chain Operations prior to that role, a position he held since joining the Company in May 2007. Mr. Schroeder serves on the FedEx Healthcare Industry Advisory Board and on the Flare Capital Industry Advisory Board. Mr. Schroeder holds a Bachelor’s degree in Interdisciplinary Engineering and Management from Clarkson University.

Judith C. Seltz

Executive Vice President and Chief Human Resources Officer

Judith Seltz (58) has served as Executive Vice President and Chief Human Resources Officer since February 15, 2020. From October 15, 2019 until then, Ms. Seltz served as Senior Vice President and Chief Human Resources Officer. Ms. Seltz previously served as Chief Human Resources Officer at Diversey Inc., a global provider of sustainable hygiene technologies and services, from October 2018 until July 2019. Prior to Diversey, Ms. Seltz was Senior Vice President of

EXECUTIVE OFFICERS

Human Resources for the Global Human Health division of Merck and Co. Inc., a pharmaceutical company, from June 2003 until August 2018. Prior to Merck, she also worked at Hughes Network Systems, LLC, a provider of broadband satellite services, now a wholly owned subsidiary of Hughes Communications, and Aeronautical Radio, Incorporated (ARINC), a provider of transport communications and systems engineering solutions. Ms. Seltz holds a Bachelor of Arts from the University of Richmond and a Master of Administrative Science in Human Resources Management from Johns Hopkins Carey Business School.

Amy B. Summy

Executive Vice President and Chief Marketing Officer

Amy B. Summy (55) has served as Executive Vice President and Chief Marketing Officer since March 2, 2020. Prior to joining Labcorp, she was Partner, Marketing & Insights Practice Leader for the Americas for Ernst & Young LLP, a public accounting firm, from February 2018 to February 2020. From January 2013 to January 2018, Ms. Summy was Senior Vice President and Chief Marketing Officer for TE Connectivity Ltd., a technology and manufacturing company, where she built the marketing organization, establishing a digitally centered, customer-driven marketing capability for the company. Prior to that, Ms. Summy was Senior Vice President from July 2011 to December 2012. Ms. Summy also worked for Sapient Corporation, a global services company that provides strategy, marketing, and technology services, and SapientNitro, a segment of Sapient, from 1996 to 2011, where she held executive agency leadership roles including Managing Director and Chief Marketing Officer. Ms. Summy received her Bachelor’s degree in Finance from Kent State University and holds a Master’s degree in Business Administration from New York University’s Stern School of Business. Ms. Summy co-founded and is a Board Member for No More Kids with Cancer, a childhood cancer research nonprofit dedicated to accelerating the discovery of safer, less toxic, and more effective treatments for children with cancer.

Sandra D. van der Vaart

Executive Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary

Sandra D. van der Vaart (61) has served as Executive Vice President, Chief Legal Officer, Chief Compliance Officer and Corporate Secretary since February 15, 2020. From February 2019 until then, Ms. Van der Vaart served as Senior Vice President, Global General Counsel and Chief Compliance Officer and Corporate Secretary. Prior to that she served as Labcorp’s Senior Vice President, Deputy Chief Legal Officer from September 2015 until February 2019 and Senior Vice President, General Counsel and Assistant Secretary from January 2009 until September 2015. Prior to serving in these roles, Ms. van der Vaart served in various other roles within the legal department at the Company beginning in January 2001.

Peter J. Wilkinson

Senior Vice President and Chief Accounting Officer

Peter J. Wilkinson (50) has served as Senior Vice President and Chief Accounting Officer since April 2019. From January 2019 until then, Mr. Wilkinson served in the role of Labcorp’s Senior Vice President, Accounting. Prior to that, Mr. Wilkinson served as Executive Vice President and Chief Financial Officer of Syneos Health, Inc.’s clinical division, a biopharmaceuticals services organization, from August 2017 to July 2018 and as Senior Vice President and Chief Accounting Officer of INC Research Holdings, Inc., a publicly traded predecessor to Syneos Health, from February 2016 to August 2017. Mr. Wilkinson also previously served as Senior Vice President in the INC Research finance department from April 2014 to February 2016. Prior to his position with INC Research, Mr. Wilkinson worked as a self-employed financial consultant, following earlier positions as the Chief Accounting Officer at Pharmaceutical Product Development, LLC, a clinical research organization, and as an auditor with Deloitte & Touche LLP.

COMPENSATION DISCUSSION & ANALYSIS