Garheng Kong
LABCORP HOLDINGSAbout Garheng Kong
Garheng Kong, M.D., Ph.D., MBA, is Labcorp’s Lead Independent Director (since June 5, 2023), age 49, and has served on the board since December 2013; he is independent and chairs the Nominating & Corporate Governance Committee while also serving on the Compensation & Human Capital Committee . He is Managing Partner of HealthQuest Capital (founded 2012) and previously was a General Partner at Sofinnova Capital (2010–2013) and Intersouth Partners (2000–2010); earlier roles included GlaxoSmithKline, McKinsey & Company, and TherOx; he holds undergraduate degrees in Chemical Engineering and Biological Sciences (Stanford) and earned an M.D., Ph.D., and MBA from Duke University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Intersouth Partners | General Partner | 2000–2010 | Founding investor/board member for multiple life sciences ventures |
| Sofinnova Capital | General Partner | 2010–2013 | Venture investing in life sciences; public board experience |
| HealthQuest Capital | Managing Partner | 2012–Present | Founded healthcare-focused investment firm; executive leadership |
| GlaxoSmithKline | Employee (pre-investing career) | Not disclosed | Industry operating experience |
| McKinsey & Company | Consultant (pre-investing career) | Not disclosed | Strategy/operations advisory experience |
| TherOx | Employee (pre-investing career) | Not disclosed | Medical technology exposure |
External Roles
| Organization | Role | Status | Committees/Impact |
|---|---|---|---|
| Lunit Inc. (KOSDAQ: 328130) | Director | Current | Public company directorship in AI/medical imaging |
| Xeris Biopharma Holdings, Inc. | Director | Current | Public company directorship (formerly Strongbridge Biopharma) |
| Venus Concept Inc. | Director | Former | Prior public board experience |
| Histogenics Corporation | Director | Former | Prior public board experience |
| Avedro, Inc. | Director | Former | Prior public board experience |
| Melinta Therapeutics, Inc. | Director | Former | Prior public board experience |
| Alimera Sciences, Inc. | Director | Former | Prior public board experience |
| Duke University School of Medicine | Board of Visitors | Current | Academic governance role |
| Be the Match | Board of Directors | Current | Non-profit governance |
| Dell Children’s Foundation | Board of Trustees | Current | Non-profit governance |
| Austin Healthcare Council | Board | Current | Healthcare ecosystem engagement |
Board Governance
| Topic | Detail |
|---|---|
| Independence | Independent director; nine of ten nominees are independent; all committees are 100% independent . |
| Roles | Lead Independent Director; Chair, Nominating & Corporate Governance; Member, Compensation & Human Capital . |
| LID Responsibilities | Liaison to Chair/CEO; presides over executive sessions; reviews/approves agendas and schedules; leads ERM oversight and board self-assessment . |
| Meetings & Attendance | Board met 5 times; committees met 20 times in 2024; each director attended 100% of Board meetings and no less than 88% of their committee meetings . |
| Executive Sessions | Kong chaired five independent-director executive sessions in 2024 . |
| Shareholder Engagement | Board engaged holders of >80% of shares via >300 meetings in 2024; Kong authored the LID letter emphasizing governance and engagement . |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $120,000 | Standard non-employee director retainer . |
| Lead Independent Director retainer | $45,000 | Paid quarterly . |
| Committee chair retainer (NCG Chair) | $20,000 | NCG Chair retainer . |
| Meeting fees | $0 | Program not meeting-fee based; compensation tied to role/ongoing work . |
| Total cash (reported) | $185,000 | Matches director comp table for Kong . |
| Annual RSU grant (grant-date fair value) | $209,832 | Granted Feb 6, 2024; values per FASB ASC 718 . |
| RSU share count (approx.) | 944 units | Based on $222.28 closing price; 944 RSUs outstanding per director as of 12/31/2024 . |
| RSU vesting | Full vest on Feb 6, 2025 | 1-year vesting for 2024 grant . |
| 2025 policy update | ~$220,000 RSU value | Annual director RSU grant increased, effective Jan 1, 2025 . |
Performance Compensation
Directors do not receive performance-based equity or cash tied to financial/ESG metrics; annual equity consists of time-vested RSUs with no performance conditions for non-employee directors .
| Performance-linked components for directors | Status |
|---|---|
| PSUs/options tied to metrics (director pay) | Not utilized for directors; RSUs time-vested . |
Other Directorships & Interlocks
| Company | Potential Interlock/Consideration |
|---|---|
| Lunit Inc.; Xeris Biopharma | Healthcare sector exposure; no related-party transactions with Labcorp disclosed since Jan 1, 2024 . |
| HealthQuest Capital (Managing Partner) | Healthcare investing platform; Audit Committee reviews/approves related-party transactions; none disclosed since Jan 1, 2024 . |
| Board commitments policy | Limits: non-employee directors ≤5 public boards; annual evaluation confirms compliance for all directors . |
Expertise & Qualifications
- Healthcare, finance, and venture capital expertise; executive leadership; corporate governance experience across multiple public boards .
- Academic/clinical orientation via Duke School of Medicine Board of Visitors; broad network in healthcare innovation and non-profit leadership .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (Common Stock) | 12,842 shares | <1% of class . |
| RSUs outstanding (12/31/2024) | 944 units | Per director as of year-end 2024 . |
| Ownership guidelines (directors) | 5x annual cash retainer | Must hold 50% of shares from vesting until met; all directors in compliance or satisfying holding requirement . |
| Hedging/Pledging | Prohibited for directors | Anti-hedging and anti-pledging policy . |
| Section 16 compliance | No Kong delinquencies noted | Only late filing disclosed pertained to another officer in 2022 . |
Governance Assessment
- Strengths
- Robust independent leadership: Lead Independent Director role with clearly defined authorities; regular executive sessions (5 in 2024) enhance independent oversight .
- High engagement and attendance: 100% Board attendance for all directors; extensive shareholder outreach (>80% of shares; >300 meetings) supports investor confidence .
- Pay alignment and safeguards: Director pay balanced between fixed cash and time-vested RSUs; anti-hedging/anti-pledging; strong stock ownership guidelines (5x retainer) .
- No related-party transactions: Audit Committee oversight and explicit disclosure of none since Jan 1, 2024 .
- Positive say-on-pay signaling: 92% approval at 2024 meeting reflects strong investor support for compensation governance; FW Cook engaged as independent advisor to CHC .
- Watch items
- Multi-platform healthcare exposure: Current public boards (Lunit, Xeris) and leadership at HealthQuest Capital increase information flow and sector insights but warrant ongoing monitoring for potential conflicts; current disclosures indicate no related-party transactions .
- Role concentration: As LID and NCG Chair, Kong plays a central role in governance and ERM; continued annual board/committee self-assessments mitigate risks of overcentralization .
Appendix: Committee Assignments Snapshot
| Committee | Membership/Role |
|---|---|
| Nominating & Corporate Governance | Chair (Dr. Kong); 4 meetings in 2024; oversees director independence, conflicts, proxy access, and governance policies . |
| Compensation & Human Capital | Member (Dr. Kong); 4 meetings in 2024; uses independent consultant FW Cook; oversees pay, culture, clawback policy . |
| Audit | Not a member |
| Quality & Compliance | Not a member |