Akinbolade Oyegunwa
LABCORP HOLDINGSAbout Akinbolade Oyegunwa
Executive Vice President and Chief Information and Technology Officer at Labcorp since November 2024; age 42. Joined Labcorp in 2019 and led decentralized clinical trials technology, later serving as CIO for Drug Development and Senior Vice President of Enterprise Systems, Data and Technology, delivering robotics and data engineering solutions across Diagnostics and Biopharma Laboratory Services . Education: Ph.D. in Microbiology and Immunology, Master of Microbial Biotechnology, and MBA from North Carolina State University . Company performance context for pay-for-performance: 2024 revenue $13.0B, diluted EPS $8.84, adjusted EPS $14.57, and free cash flow $1.10B; cumulative TSR since 12/31/2019 implies $100 → $163 by 2024, used in Labcorp PSU modifiers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Labcorp | EVP & Chief Information and Technology Officer | 2024–present | Enterprise-wide digital transformation; robotics, lab and corporate systems; data engineering across Diagnostics and BLS |
| Labcorp | CIO, Drug Development segment | Not disclosed | Led digital transformation, expanded robotic process automation, sponsor/investigator solutions |
| Labcorp | VP, Decentralized Clinical Trials Technology | 2019–Not disclosed | Pioneered remote clinical trial tech to improve patient accessibility |
| IQVIA | Global Head, Virtual Trials Technology; Director, Corporate Strategy | Not disclosed | Advanced virtual trials capabilities; corporate strategy execution |
| Cenduit, LLC | Global Head, Corporate and Digital Strategy | Not disclosed | Digital strategy leadership in clinical technology |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Headlands Research (KKR portfolio company) | Board Advisor | Not disclosed | Advisory support to site network operations and growth |
| AWS/Labcorp collaboration | Executive sponsor for Test Finder launch (quote as “Bola Oyegunwa, Ph.D.” CIO/CTO) | 2025 | Generative AI tool to improve provider test selection and workflow efficiency |
Fixed Compensation
- Specific salary and cash compensation for Mr. Oyegunwa not disclosed; as an EVP, compensation is governed by Labcorp’s programs summarized in the proxy (LBP annual bonus and long-term incentives) .
Performance Compensation
Labcorp executive incentive design (applies enterprise-wide; individual weighting varies by role):
- Annual cash bonus (LBP): Company financial metrics (Consolidated Revenues, Consolidated Adjusted Operating Income), segment metrics (Diagnostics revenues and AOI, BLS net orders and AOI), ESG modifier (90–100%), and an individual performance modifier (0–150%) . 2024 ESG modifier approved at 100% .
- Long-term incentives: Performance shares (60% target, three-year cumulative EPS 70% weight, three-year cumulative revenue 30% weight, TSR percentile modifier ±25%), plus non-qualified stock options (20%) and RSUs (20%) vesting over three years .
| Metric (LBP) | Weighting (Enterprise roles) | Threshold | Target | Superior | 2024 Result | Achievement |
|---|---|---|---|---|---|---|
| Consolidated Revenues | 50% | $11.6B | $12.9B | $14.2B | $13.1B | 101.0% |
| Consolidated Adjusted Operating Income | 50% | $1.5B | $1.9B | $2.1B | $1.8B | 95.0% |
| ESG Modifier | 90–100% | — | — | — | Company override | 100% |
| Individual Performance Modifier | 0–150% | — | — | Plan cap 200% | Company-wide set | 100% (for NEOs) |
| Metric (PSUs 2024–2026) | Weighting | Threshold | Target | Superior | TSR Modifier |
|---|---|---|---|---|---|
| Three-year cumulative EPS | 70% | $44.25 | $48.25 | $52.25 | ±25% if TSR <26th or >75th percentile (cap 200%) |
| Three-year cumulative Revenue | 30% | $38.4B | $40.1B | $41.8B | TSR modifier as above |
Notes:
- 2022–2024 PSU cycle paid 114.2% of target (adjusted for Fortrea spin-off; TSR 47th percentile) .
- LBP payouts for NEOs ranged 91.4–102.7% of target based on role-specific mix; enterprise pool payout factor 99.5% .
Equity Ownership & Alignment
| Category | Details |
|---|---|
| Total beneficial ownership | 2,666.253 common shares (Direct) |
| Ownership as % of shares outstanding | ~0.0032% (2,666.253 / 83,668,573) |
| Unvested RSUs | 134 (vest on Feb 11, 2025) ; 298 (vest 50% on Feb 7, 2025 and 50% on Feb 7, 2026) ; 540 (vest in three equal annual installments beginning Feb 6, 2025) |
| Options | None disclosed (Form 3 lists only RSUs) |
| Pledging/Hedging | Prohibited by Insider Trading Policy; no pledging, margin, short sales, or derivatives |
| Stock ownership guidelines | EVPs required to hold stock equal to 3x base salary; 50% of net shares from vesting must be retained until compliant |
| Clawback | Amended Recoupment Policy (Oct 2023): requires recovery of excess incentive comp after restatements; extends to misconduct triggers and overpayments |
Employment Terms
- Role and tenure: EVP & CIO/CTO since Nov 2024; Labcorp employee since 2019 .
- Severance Plan (applies to EVPs): upon qualifying termination (without cause/good reason), cash severance equals 2× (annual salary + three-year average LBP), medical stipend and outplacement; no excise tax gross-ups; shareholder-approved cap at ≤2.99× salary + target bonus for arrangements after Feb 2024 .
- Change-in-control treatment: Double-trigger acceleration; if awards are not assumed, RSUs/Restricted Stock vest and options/SARs cash-out per CIC formula; if assumed and EVP terminated without cause within a year, awards fully vest and exercisable .
- Award agreements permit forfeiture for breaches of non-compete/non-solicit/confidentiality obligations; clawback applies per policy .
Investment Implications
- Pay-for-performance alignment: Mr. Oyegunwa’s incentives are linked to enterprise revenue and adjusted operating income via LBP and multi-year PSUs tied to three-year EPS/revenue with TSR modifier—supporting alignment with shareholder value creation .
- Retention and selling pressure: Unvested RSUs with staggered vesting beginning Feb 2025 and through 2026 provide retention hooks; insider policy restrictions and ownership guidelines reduce near-term selling risk and enhance alignment .
- Governance protections: Robust clawback, anti-pledging/hedging, double-trigger CIC vesting, and severance caps mitigate compensation-related risk while maintaining competitive EVP protections .
- Execution track record: Leadership in decentralized trials, enterprise robotics/data platforms, and recent AI product launch (Test Finder) strengthens operating leverage in digital enablement—key to Diagnostics and BLS growth priorities .