Glenn A. Eisenberg
LABCORP HOLDINGSAbout Glenn A. Eisenberg
Glenn A. Eisenberg (age 63) is Executive Vice President at Labcorp (formerly CFO from June 2014 to December 2024). He holds a BA from Tulane University and an MBA from Georgia State University, and has deep public company finance and operating experience across industrials and healthcare services . During 2024, Labcorp delivered $13.0B revenue, $8.84 diluted EPS and $1.10B free cash flow, with adjusted EPS of $14.57; the company’s cumulative TSR since 12/31/2019 reached $163 on a $100 base, framing the pay-for-performance context in which his incentives are set .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Labcorp | EVP & CFO; then EVP (CFO through Dec 2024; EVP from Dec 2024) | 2014–present | Led finance through portfolio reshaping including spin-off of Fortrea in 2023; ongoing enterprise EVP role |
| The Timken Company | EVP Finance & Administration and CFO | 2002–2014 | Oversaw global finance for engineered industrials (capital allocation, M&A, controls) |
| United Dominion Industries (now part of SPX) | President & COO; previously EVP & CFO | Prior to 2002 | Ran diversified industrial operations; prior senior finance leadership |
External Roles
| Organization | Role | Dates |
|---|---|---|
| Solventum Corporation | Director; Audit Committee Chair | Current |
| AMSURG | Director; Audit Committee Chair | Current |
| U.S. Ecology, Inc. | Director; Audit Chair | 2019–2022 |
| Perspecta Inc. | Director; Audit Committee | 2019–2021 |
| Family Dollar Stores Inc. | Director; Audit Chair | 2002–2015 |
| Alpha Natural Resources Inc. | Lead Independent Director; N&CG Chair | 2009–2015 |
Fixed Compensation
- 2024 base salary was increased 3.1% from $817,000 to $842,000 effective June 16, 2024 .
- 2024 perquisites and benefits included: financial services $20,000; cash dividends $14,423; long-term disability $1,590; security & travel $4,787; company 401(k) contributions $14,287 .
Multi-year summary compensation (NEO SCT disclosure):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $780,500 | $805,462 | $830,462 |
| Option Awards (Grant-date FV, $) | $586,988 | $615,878 | $655,645 |
| Stock Awards (Grant-date FV, $) | $6,551,496 | $2,473,816 | $2,634,274 |
| Non-Equity Incentive ($) | $661,630 | $917,054 | $826,440 |
| All Other Compensation ($) | $101,879 | $144,567 | $55,087 |
| Total ($) | $8,682,493 | $4,956,777 | $5,001,908 |
Performance Compensation
Annual cash incentive (Labcorp Bonus Plan, “LBP”) design and 2024 results:
- 2024 enterprise weighting for Eisenberg (EVP): 50% Consolidated Revenues; 50% Consolidated Adjusted Operating Income .
- 2024 achievement: revenues at 101% of target; adj. operating income at 95%; enterprise pool paid at 99.5% of target .
- Eisenberg’s 2024 details: Target opportunity $830,593; enterprise BPF 99.5%; ESG modifier 100%; Individual modifier 100%; payout $826,440 .
2024 long-term incentives (mix and grants):
- Standard LTI mix: ~60% Performance Shares (PSUs), 20% stock options, 20% RSUs with multi-year vesting .
- Eisenberg’s 2024 grants (2/6/2024):
- RSUs: 2,900 units; grant-date FV $644,612; vest ratably over 3 years beginning first anniversary of grant .
- Stock options: 9,000 options @ $222.28 strike; expire 2/5/2034; vest ratably over 3 years beginning first anniversary .
- PSUs: target 8,690; grant-date FV $1,989,662; three-year performance on cumulative EPS (70%) and revenue (30%) with TSR modifier ±25% (cap 200%) .
Performance share outcomes and targets:
- 2022–2024 PSU cycle earned at 114.2% of target; vested March 27, 2025 .
- 2024–2026 PSU targets: EPS (3-yr cum) $44.25/$48.25/$52.25 (T/Tgt/Sup); Revenue (3-yr cum) $38.4B/$40.1B/$41.8B; TSR modifier ±25% (26th–75th percentile no adjustment) .
Equity Ownership & Alignment
- Beneficial ownership: 55,926 shares (includes options exercisable within 60 days and 2022 PSUs that vested in 2025 as noted) .
- Shares outstanding: 83,668,573 (3/20/2025) .
- Ownership as % of shares outstanding: ≈0.07% (55,926 / 83,668,573) .
Outstanding awards (12/31/2024):
- Options outstanding: 14,376 exercisable; 2,863 (2022), 5,577 (2023), 9,000 (2024) unexercisable; 2024 tranche priced at $222.28 expiring 2/5/2034 .
- Unvested RSUs: 2,900 units; market value $665,028 at $229.32/share .
- Unearned PSUs: 8,305 (2022 award, subsequently vested 3/27/2025), 15,952 (2023 award – shown at superior assumption), 17,380 (2024 award – shown at superior assumption) .
Vesting, ownership policies, and trading:
- RSUs and options generally vest in equal one-third installments on the first, second, and third anniversaries of grant; PSUs cliff vest based on three-year performance (e.g., 2024 grants first RSU/option vesting begins 2/6/2025; PSU performance period ends in 2026) .
- Executive stock ownership guideline for EVPs: 3x base salary; as of 12/31/2024, all NEOs are in compliance or meeting holding requirements .
- Anti-pledging and anti-hedging policy; pre-clearance and trading window requirements apply to key employees .
Employment Terms
Severance, change-in-control (CIC), clawbacks, and other protections:
- Eisenberg participates in the Master Senior Executive Severance Plan: cash severance equals 2x (base salary + 3-year average LBP) upon a qualifying termination; CIC treatment is double-trigger for equity; no tax gross-ups; cash severance capped by policy at 2.99x salary+target bonus without shareholder approval .
- Potential payments (as of 12/31/2024; stock at $229.32):
- Involuntary Not for Cause/Good Reason: Base severance $1,684,000; bonus-related severance $2,052,920; equity/option/RSU/PS allocations as disclosed; health & welfare $24,700; total $12,860,993 .
- CIC with qualifying termination (double-trigger): Base severance $1,684,000; bonus-related severance $2,052,920; equity treatment per plan; total $10,762,368 .
- Disability/Death totals: $7,900,748 / $8,500,748 respectively .
- Clawbacks: Amended and restated Incentive Compensation Recoupment Policy (Oct 2023) requires recovery of excess incentive comp after restatements and permits recovery for misconduct; applies to cash and equity (SEC/NYSE compliant) .
- Insider Trading: pre-clearance and trading-window limitations; prohibits pledging/hedging, short sales, derivatives such as puts/calls, and other hedging structures .
Compensation Structure Analysis
- Mix skews to at-risk pay: LBP tied to revenue and adjusted operating income; PSUs tied to cumulative EPS/revenue with relative TSR modifier; options/RSUs add long-term retention and shareholder alignment .
- 2024 outcomes show balanced accountability: enterprise LBP paid ~100% (99.5%), while the most recent PSU cycle paid above target (114.2%), reflecting execution on multi-year EPS/revenue objectives and relative TSR .
- Governance features mitigate risk: double-trigger CIC vesting, no tax gross-ups, severance capped at 2.99x, robust clawback, anti-pledging/hedging, and stock ownership requirements (3x salary for EVPs) .
Say‑on‑Pay & Shareholder Feedback
- Say-on-pay support was ~92% in 2024; company reports ongoing shareholder engagement and retention of core pay design given strong support and alignment with strategy .
Compensation Peer Group (Benchmarking)
- 2024 comparative peer group (for benchmarking/TSR): Agilent, Baxter, BD, Boston Scientific, Charles River, Edwards Lifesciences, Henry Schein, IQVIA, Molina, Quest Diagnostics, Stryker, Universal Health Services, Viatris, Zimmer Biomet; 2025 peer group updated (removed IQVIA; added Hologic and Tenet) to better align with current profile post spin-off .
Investment Implications
- Alignment and retention: Eisenberg’s equity-heavy mix (PSUs/options/RSUs) and 3x ownership guideline reinforce long-term alignment; anti-pledging and clawbacks curb risk-taking. Upcoming 2024 grant vesting (beginning Feb 2025 for RSUs/options; PSUs in 2027) and sizeable outstanding PSUs could introduce periodic supply, subject to trading windows and pre-clearance .
- Pay-for-performance: With LBP tied to revenue and adjusted operating income and PSUs tied to multi-year EPS/revenue and relative TSR, realized pay should correlate with fundamentals and shareholder returns; recent LBP near-target and PSU >100% underscore operational momentum in Diagnostics and selective headwinds in BLS .
- Downside protections without excess: Double‑trigger CIC vesting, no tax gross‑ups, and severance caps lower governance risk; robust clawback increases accountability in the event of restatements or misconduct .
- Ownership: Direct+derivative beneficial ownership is modest (~0.07% of shares outstanding), but compliance with ownership guidelines plus unvested/uneared equity provide continuing alignment; insider trading controls limit opportunistic selling .