Julia A. Wang
LABCORP HOLDINGSAbout Julia A. Wang
Julia A. Wang (age 54) is Executive Vice President and Chief Financial Officer of Labcorp Holdings Inc., serving since December 2024; her base salary was set at $725,000 effective upon hire on December 2, 2024 . She previously served as CFO of BeiGene (June 2021–July 2024) and Senior Advisor (July–August 2024), with prior senior finance leadership roles at Alexion, Quest Diagnostics, Johnson & Johnson, and PepsiCo; she holds an MBA from Duke’s Fuqua School and a BA from Shandong Normal University . Labcorp’s incentive design ties pay to enterprise performance through adjusted EPS, revenue, adjusted operating income, and a relative TSR modifier in long-term awards; 2024 company performance included $13.0B revenues, $8.84 diluted EPS (continuing ops), $14.57 adjusted EPS, and $1.10B free cash flow .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BeiGene, Ltd. | Chief Financial Officer | June 2021–July 2024 | Public-company CFO experience in biopharma finance |
| BeiGene, Ltd. | Senior Advisor | July–August 2024 | Transition advisory following CFO tenure |
| Alexion Pharmaceuticals, Inc. | SVP, Global Business Finance & Corporate Planning | Prior to 2020 (exact years not disclosed) | Enterprise planning and finance leadership in specialty pharma |
| Quest Diagnostics Incorporated | VP, U.S. Regional Finance & Enterprise Commercial; VP, Finance, Value Creation | Years not disclosed | Diagnostics segment finance and value creation leadership |
| Johnson & Johnson | CFO of certain medical device and pharmaceuticals operating businesses | Years not disclosed | Business-unit CFO roles in devices and pharma |
| PepsiCo, Inc. | Finance initiatives | Years not disclosed | Corporate finance initiatives at a global CPG company |
Fixed Compensation
| Metric | FY 2024 | Notes |
|---|---|---|
| Base Salary ($) | $725,000 | Effective upon hire on Dec 2, 2024 |
| Target Bonus % | Not disclosed; ineligible for 2024 LBP | Ms. Wang did not participate in 2024 LBP due to start timing |
| Actual Bonus Paid ($) | $0 (Bonus column) | Sign-on bonus paid separately (see below) |
| Sign-on Bonus ($) | $400,000 total | $200,000 paid within 30 days of start; $200,000 payable Dec 2, 2025 contingent on continued employment; forfeited if she resigns or is terminated for Cause before Dec 2, 2025 |
| All Other Compensation ($) | $133 | Perquisites/components per proxy methodology |
Performance Compensation
2024 Equity Grants and Vesting
| Instrument | Grant Date | Units/Shares | Exercise Price | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| Restricted Stock Units (RSUs) | 12/2/2024 | 2,680 | N/A | $644,888 | Ratable over 3 years; first vesting 2/6/2025 |
| Performance Share Units (PSUs) | 12/2/2024 | Threshold 4,025; Target 8,050; Max 16,100 | N/A | $2,023,529 | Cliff vest March 2027 (3-year performance period) |
| Non-Qualified Stock Options | 12/2/2024 | 8,100 | $240.63 | $638,067 | Ratable over 3 years; first vesting 2/6/2025 |
PSU Performance Design (2024 Cycle)
| Metric | Weighting | Threshold | Target | Superior |
|---|---|---|---|---|
| Three-year cumulative EPS | 70% | $44.25 | $48.25 | $52.25 |
| Three-year cumulative Revenue | 30% | $38.4B | $40.1B | $41.8B |
| Relative TSR Modifier vs peer group | ±25% | Bottom 25th percentile: −25% | 26th–75th percentile: 0% | Top 25th percentile: +25% (cap 200%) |
Ms. Wang did not participate in the 2024 annual cash incentive (LBP) due to start timing; LBP design combines enterprise financial metrics, an ESG modifier (90%–100%), and an individual performance modifier, with 2024 payouts for participating NEOs ranging ~91.4%–102.7% of target .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 20, 2025) | 42,278 shares; less than 1% of outstanding (83,668,573 shares outstanding) |
| Stock Ownership Guidelines | EVPs required to hold 3x base salary; until met, must hold 50% of shares received net of taxes/exercise; age-based reductions at 62 and 64 |
| Compliance Status | As of Dec 31, 2024, each NEO was in compliance with ownership guidelines or holding requirement |
| Pledging/Hedging | Prohibited (margin purchases, pledges, short sales, options, swaps/collars/exchange funds) |
| Unvested Awards Outstanding | RSUs 2,680; PSUs target 8,050; Options 8,100 (see grant table) |
| Option Pricing Discipline | Options granted at market closing price on grant date under shareholder-approved plan |
Insider transactions: attempted Form 4 retrieval for “Julia Wang” (LH, 12/01/2024–11/19/2025) via insider-trades skill returned an authorization error (401), so near-term insider selling/withholding patterns could not be assessed from Form 4 data at this time.
Employment Terms
- Start date and role: CFO since December 2024; salary effective December 2, 2024 .
- Sign-on bonus: $400,000—$200,000 paid within 30 days of start; $200,000 payable on December 2, 2025, contingent on continued employment; forfeiture if resignation or termination for Cause prior to that date per Severance Plan definitions .
- Severance/Change-in-Control (CIC) features:
- Company-wide practice: cap cash severance at 2.99x base salary + target annual incentive; double-trigger CIC vesting; robust clawback; no tax gross-ups .
- CIC and termination economics for Ms. Wang (assuming stock price $229.32 at 12/31/2024): see table below .
Potential Payments upon Termination or CIC (assumes 12/31/2024)
| Component | Involuntary Not for Cause/Good Reason | Change-in-Control | Disability | Death |
|---|---|---|---|---|
| Severance related to Base Compensation ($) | $1,450,000 | $1,450,000 | $0 | $0 |
| Severance related to Annual Incentive Cash Payments ($) | $1,450,000 | $1,450,000 | $0 | $0 |
| Stock Options ($) | $0 | $0 | $0 | $0 |
| RSUs ($) | $0 | $614,578 | $614,578 | $614,578 |
| Performance Shares ($) | $0 | $1,846,026 | $1,846,026 | $1,846,026 |
| Health & Welfare Benefits ($) | $0 | $0 | $3,600,000 | $1,450,000 |
| Total ($) | $2,900,000 | $5,360,604 | $6,060,604 | $3,910,604 |
| Assumption | Price $229.32 at 12/31/2024 | Price $229.32 at 12/31/2024 | Price $229.32 at 12/31/2024 | Price $229.32 at 12/31/2024 |
- Clawback/forfeiture: Updated Incentive Compensation Recoupment Policy enables recovery for accounting restatements, errors, misconduct, and cause terminations; award agreements may cause forfeiture for breaches of employment, non-compete, non-solicit, confidentiality, or policy obligations; no option repricing without shareholder approval .
- Deferral: Plan permits/requires deferral of payments into deferred compensation arrangements subject to 409A and plan terms (no dividend equivalents on options/SARs) .
Compensation Structure and Governance Notes
- Mix and benchmarking: Annual target LTI mix—60% PSUs, 20% options, 20% RSUs; compensation opportunities targeted at peer group median, with FW Cook advising the CHC Committee .
- LBP metrics: enterprise revenues and adjusted operating income (with segment metrics where applicable), ESG modifier (90–100%), and individual performance modifier (0–150%, capped so total payout ≤200% of target) .
- Say-on-pay support: ~92% approval in 2024 and ~91% average over five years, indicating broad shareholder support for pay practices .
Investment Implications
- Alignment intact: Ownership guidelines, anti-pledging/hedging, double-trigger CIC vesting, and a robust clawback framework support shareholder alignment and reduce governance risk .
- Performance leverage: 60% PSUs with EPS/revenue targets and TSR modifier create high sensitivity to multi-year fundamentals and relative performance; design mirrors peer practice and was affirmed after shareholder outreach .
- Retention mechanics: Sign-on bonus with delayed second tranche (Dec 2, 2025) and multi-year vesting of RSUs/options/PSUs provide retention hooks; severance economics (base and incentive components) and disability/death benefits are clearly quantified .
- Near-term trading signals: First vest on Feb 6, 2025 for RSUs/options and ongoing PSU cycle through March 2027 may generate periodic Form 4 activity; Form 4 data pull was not accessible, so monitor for tax-withholding and sale patterns around vest dates going forward.