Lance V. Berberian
LABCORP HOLDINGSAbout Lance V. Berberian
Executive Vice President, Special Advisor, Strategy at Labcorp (LH). Age 62; education: Bachelor’s degrees in Business Administration and Information Technology from Thomas Edison State College . Current role since November 2024; previously Executive Vice President and Chief Information and Technology Officer (Feb 2020–Oct 2024) and Senior Vice President & Chief Information Officer (Feb 2014–Feb 2020) . Company performance during his latest CIO tenure: 2024 revenues $13.0B, diluted EPS $8.84, adjusted EPS $14.57, free cash flow $1.10B; 2023 revenues $12.16B and adjusted EPS $13.56, reflecting continued execution in Diagnostics and Biopharma Laboratory Services .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Labcorp | EVP, Special Advisor, Strategy | Nov 2024–present | Senior strategic advisory role following decade leading enterprise technology |
| Labcorp | EVP & Chief Information and Technology Officer | Feb 2020–Oct 2024 | Led enterprise IT; CIO regularly briefs Audit Committee on cybersecurity risk management |
| Labcorp | SVP & Chief Information Officer | Feb 2014–Feb 2020 | Oversaw corporate systems and data platforms through pre- and post-spin periods |
| IDEXX Laboratories | Chief Information Officer | 2007–2014 | CIO at a global leader in diagnostics and IT for animal health and food/water quality |
| Kellstrom Defense Aerospace | CIO & President | 2000–2007 | Led IT and business operations at an integrated aerospace supply chain firm |
| Interim HealthCare | Chief Information Officer | 1997–2000 | Enterprise CIO for national healthcare services provider |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| NC State University | Strategic Advisory Board, Dept. of Computer Science | N/A | Advisory to computing program |
| UNC Greensboro | Advisory Board, MS in Informatics & Analytics | N/A | Program advisor |
| UNC Chapel Hill | Health IT Advisory Board, Carolina Health Informatics Program | N/A | Program advisor |
| Elon University | Board of Trustees | N/A | Trustee |
Fixed Compensation
- Labcorp EVP compensation philosophy emphasizes pay-for-performance and market benchmarking; mix skews to variable/at-risk pay vs fixed salary, with equity as largest component and multi‑year vesting .
- Executive Stock Ownership Guidelines: EVPs required to hold company stock equal to 3x base salary; 50% holdback on vested shares until guideline met; reductions as executives approach retirement age .
Performance Compensation
Labcorp’s incentive frameworks and how they apply to EVPs (including CIO/technology leadership roles):
| Incentive Type | Metric(s) | Target Disclosure | FY2024 Actual/Payout | Vesting/Measurement | Notes |
|---|---|---|---|---|---|
| Annual cash incentive (LBP) | Adjusted operating income, revenues, adjusted EPS, BLS net orders; ESG/individual modifiers | Not disclosed | NEO payouts at 99.5% of target, aligned to FY24 results | Annual | Metrics explicitly include relative TSR for long‑term alignment . |
| Performance Share Units (PSUs) | 3‑year cumulative EPS, revenue; relative TSR modifier | Not disclosed | Cycle ended 2024 paid at 114.2% for participants | 3‑year performance period | Dividend equivalents accrue only if performance achieved . |
| Stock options | Equity value creation (exercise above grant price) | Not disclosed | N/A | Minimum 1‑year vest; typical ratable over 3 years per award footnotes | No repricing without shareholder approval [3.4 shown in 8‑K]. |
| RSUs | Service-based retention | Not disclosed | N/A | Typically ratable over 3 years; minimum 1‑year vest | Dividend equivalents only paid on vest . |
Equity Ownership & Alignment
- Ownership guidelines: EVPs must hold 3x salary; enforced via holdback and monitored annually; NEOs were in compliance as of Dec 31, 2024; EVPs are subject to the same program .
- Anti-pledging/hedging: Insider Trading Policy prohibits pledging, short sales, and hedging instruments for all directors, officers, and employees .
- Clawback: Robust Incentive Compensation Recoupment Policy and award-level forfeiture provisions; mandatory repayment under applicable laws .
Employment Terms
- Role and tenure: EVP, Special Advisor, Strategy since Nov 2024; previously EVP & CIO (Feb 2020–Oct 2024) and SVP & CIO (Feb 2014–Feb 2020) .
- Severance: EVPs covered by Amended and Restated Master Senior Executive Severance Plan; on “qualifying termination,” cash severance equals 2x (salary + three‑year average annual incentive), subject to shareholder-approved cap policy (≤2.99x salary+target bonus) and no tax gross‑ups .
- Change‑in‑Control (CIC): Equity awards feature double‑trigger accelerated vesting (CIC + qualifying termination) when assumed; if not assumed, plan provides immediate vesting or cash-out mechanisms at CIC close per award type; no repricing and parachute limitations to optimize after‑tax outcomes .
Investment Implications
- Alignment: Strong structural alignment via stock ownership (3x salary), ban on pledging/hedging, 3‑year PSU cycles with TSR modifier, and clawback provisions reduce agency risk .
- Retention/turnover risk: EVP severance at 2x salary+incentive mitigates abrupt departure risk without excessive parachutes; double‑trigger CIC terms avoid automatic windfalls and discourage opportunistic exits .
- Execution signal: CIO role directly connected to cybersecurity oversight with regular board reporting; continued strategic advisory role suggests continuity of digital/data initiatives underpinning Diagnostics and Biopharma Laboratory Services growth .
- Governance support: Say‑on‑pay support ~92% in 2024 and 2025 indicates shareholder endorsement of pay-for-performance architecture, lowering headline compensation risk .
- Disclosure gaps: Specific base salary, individual award sizes, and current beneficial holdings for Mr. Berberian were not disclosed in the latest proxies; monitoring Form 4 filings would be required to assess near‑term selling pressure and guideline compliance.