Amy B. Summy
LABCORP HOLDINGSAbout Amy B. Summy
Amy B. Summy (age 59) is Executive Vice President and Chief Marketing Officer (CMO) of Labcorp, serving since March 2020. She holds a BBA in Finance from Kent State University and an MBA from NYU Stern . Labcorp’s FY2024 performance context for her tenure: revenue $13.0B, diluted EPS $8.84, adjusted EPS $14.57, and free cash flow $1.10B; management emphasizes specialty testing growth in oncology, women’s health, autoimmunology, and neurology and an expanding hospital partnership pipeline . Over 2019–2024, cumulative Company TSR (initial $100) reached $163 (S&P 500 Healthcare $147), and 2022–2024 performance share cycle paid at 114.2% of target based on EPS, revenue, and relative TSR outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Labcorp | EVP & Chief Marketing Officer | Mar 2020–Present | Leads global marketing, brand, digital platforms, customer insights, and communications |
| Ernst & Young LLP | Partner, Marketing & Insights Practice Leader (Americas) | Feb 2018–Feb 2020 | Led the Americas marketing & insights practice |
| TE Connectivity Ltd. | SVP & Chief Marketing Officer; previously VP, Marketing | Jan 2013–Jan 2018; Jul 2011–Dec 2012 | Led global marketing org, brand, digital platforms, customer insights, communications |
| Sapient Corporation | Executive leadership roles: Managing Director; GM of NY & West Coast; CMO | 1996–2011 | Senior leadership in strategy, marketing, and digital technology services |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| No More Kids with Cancer | Co-founder; Board Member | Not disclosed | Pediatric cancer nonprofit leadership |
| Children’s Hospital of Philadelphia | Corporate Council; Brain Tumor Board of Visitors | Not disclosed | Advisory roles supporting clinical programs |
Fixed Compensation
| Component | Detail |
|---|---|
| Base salary | Not individually disclosed for Ms. Summy; EVPs’ salary levels are set to be competitive near median market and reviewed annually by the Compensation & Human Capital (CHC) Committee with FW Cook input . |
| Annual bonus (LBP) | Majority of executives (including NEOs) are covered by the Labcorp Bonus Plan with enterprise financial goals, an ESG modifier (90–100%), and an individual performance modifier (0–150%, capped at 200% overall) . |
| Ownership guideline | EVPs must hold 3x base salary; hold-50% of net shares until in compliance; age-based reductions at 62 and 64; dividend equivalents accrue but pay only upon vesting . |
| Insider trading policy | Requires pre-clearance, trading-window limits; prohibits pledging and hedging of Company stock . |
Performance Compensation
| Program | Metric | Weighting | Target | Actual/Outcome | Payout/Vesting |
|---|---|---|---|---|---|
| LBP – Enterprise goals (applies to execs with enterprise weighting) | Consolidated Revenues | 50% | $12.9B | $13.1B | 101.0% achievement |
| Consolidated Adjusted Operating Income | 50% | $1.9B | $1.8B | 95.0% achievement | |
| LBP – Diagnostics segment (for execs with segment weighting) | Segment Revenues | 25% | $9.9B | $10.0B | 102.0% achievement |
| Segment Adjusted Operating Income | 25% | $1.7B | $1.6B | 97.0% achievement | |
| LBP – Biopharma Lab Services (for execs with segment weighting) | Net Orders | 9% | $3.4B | $2.9B | 86.0% achievement |
| Adjusted Operating Income | 21% | $462.3M | $468.9M | 101.0% achievement | |
| ESG Modifier | Culture, sustainability, privacy/security | — | Qualitative goals | Met | 90–100% range; set at 100% for 2024 NEO payouts |
| 2022–2024 Performance Shares | Cumulative EPS | 70% | $48.93 | $48.69 | Earned 114.2% of target; TSR at 47th percentile (no modifier) |
| Cumulative Revenue | 30% | $40.7B | $41.3B | See above (combined payout) | |
| 2024–2026 Performance Shares (targets) | Cumulative EPS | 70% | $48.25 | N/A | Earn 50%/100%/200% at Threshold/Target/Superior; TSR modifier ±25% (cap 200%) |
| Cumulative Revenue | 30% | $40.1B | N/A | See above | |
| Equity vehicles & vesting | RSUs; Options; Performance Shares | — | — | — | RSUs/options vest 1/3 annually over 3 years; performance shares vest after 3-year period |
Note: Bonus metrics and weights vary by role; EVPs with enterprise responsibilities use enterprise weights; segment leaders use blended enterprise/segment weights. Ms. Summy’s specific bonus weights and payouts are not individually disclosed .
Equity Ownership & Alignment
- Stock ownership requirement: EVPs must maintain 3x salary; hold 50% of net shares until compliant; reductions at ages 62/64; EVPs and NEOs governed by this program .
- Prohibitions: No pledging/hedging; pre-clearance and trading-window limitations for all insiders .
- Clawbacks: Amended Oct 2023 Incentive Compensation Recoupment Policy requires recovery upon accounting restatements, overpayments from errors, and specified misconduct; applies to cash and equity (including current/former employees) .
- Beneficial ownership disclosure: Ms. Summy’s individual share holdings are not itemized in the Security Ownership table; “all directors and executive officers as a group” held 703,724 shares as of Mar 20, 2025 .
Employment Terms
| Topic | Provision |
|---|---|
| Severance plan (EVPs) | Upon qualifying termination (without cause or for good reason), severance equals 2x (base salary + 3-year average LBP); double-trigger change-in-control acceleration; no tax gross-ups; Company policy caps cash severance at ≤2.99x salary+target bonus for executive officers . |
| Definitions | “Cause” and “Good Reason” are defined in the Severance Plan, including misconduct, legal violations, confidentiality and restrictive covenant breaches, and material reductions in compensation or responsibilities/relocation (good reason) . |
| Equity plan guardrails | 2025 Omnibus Plan: minimum 1-year vesting for service/time-based options/SARs; no repricing without shareholder approval; dividend equivalents not on options/SARs; robust transfer restrictions; clawback applicability . |
Performance & Track Record Context
| Metric | FY2024 | Notes |
|---|---|---|
| Revenue | $13.0B | Diagnostics/esoteric expansion; hospital partnerships; Invitae asset purchase |
| Diluted EPS | $8.84 | Continuing operations |
| Adjusted EPS | $14.57 | Non-GAAP; reconciliation provided in proxy |
| Free Cash Flow | $1.10B | Operating cash flow less capex |
| Strategic highlights | Specialty tests launched: first trimester preeclampsia screen; pTau217 Alzheimer’s blood biomarker; hospital lab agreements; AI/ML adoption in operations | Growth focus areas and innovation detailed by management |
Compensation Committee & Governance
- CHC Committee (independent): Sets strategy-aligned metrics (adjusted operating income, revenues, adjusted EPS, segment net orders, relative TSR), emphasizes variable/at-risk pay; uses independent consultant FW Cook; assessed as independent and conflict-free .
- Peer groups: 2024 peers included Agilent, Baxter, BD, Boston Scientific, Charles River, Edwards Lifesciences, Henry Schein, Molina, Quest, Stryker, Universal Health, Viatris, Zimmer Biomet; 2025 peers added Hologic and Tenet, removed IQVIA post-spin alignment .
- Say-on-pay: 92% approval in 2024; ~91% five-year average support .
Investment Implications
- Alignment and risk controls: Strong pay-for-performance architecture (enterprise and segment metrics, TSR modifier), rigorous clawback, and anti-pledging/hedging policies support investor alignment and governance quality .
- Vesting cadence and trading windows: Standard RSU/option vesting in equal thirds and 3-year PSU cycles can create periodic vest-driven settlement needs; insider pre-clearance/window policies mitigate opportunistic trading—monitor Form 4s around typical February grant anniversaries for potential activity .
- Retention and change-in-control: EVP severance of 2x salary+3-year average bonus with double-trigger equity acceleration and a 2.99x cap balances retention with shareholder protections; no tax gross-ups reduces parachute risk .
- Performance tailwinds: Specialty testing and hospital partnerships underpin diagnostics growth; 2022–2024 PSU payout at 114.2% reflects execution against EPS/revenue with neutral TSR modifier—favorable signal for incentive realizability if momentum persists .
Disclosure caveat: Ms. Summy’s individual compensation amounts, grant sizes, and ownership are not itemized in the proxy because she was not a 2024 Named Executive Officer. Analysis above reflects Company-wide executive policies and metrics applicable to EVPs and Section 16 officers.