Lance Berberian
About Lance V. Berberian
Lance V. Berberian is an independent Class III director of Privia Health Group, appointed effective July 15, 2025, and a member of the Audit Committee. He is a veteran technology strategist with 30+ years in digital transformation, IT governance, cybersecurity, AI, and data, most recently serving as EVP and Chief Information and Technology Officer at Labcorp (2014–Oct 2024); prior CIO roles include IDEXX Laboratories, Kellstrom Aerospace, Interim HealthCare, and Quest Diagnostics. He holds a bachelor’s degree in business administration and information technology from Thomas Edison State College and currently serves on the Elon University Board of Trustees. Appointment details and independence (including audit committee financial literacy) were confirmed via Form 8‑K, and he was listed as a director signatory on the company’s November 2025 S‑3ASR.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Labcorp (LH) | EVP & Chief Information and Technology Officer | 2014–Oct 2024 | Led enterprise IT strategy, cybersecurity, AI, product development, data management; managed 5,000+ team members. |
| IDEXX Laboratories | Chief Information Officer | Not disclosed | Senior IT leadership (prior role before Labcorp). |
| Kellstrom Aerospace | Chief Information Officer | Not disclosed | Senior IT leadership (prior role before Labcorp). |
| Interim HealthCare | Chief Information Officer | Not disclosed | Senior IT leadership (prior role before Labcorp). |
| Quest Diagnostics | Chief Information Officer | Not disclosed | Senior IT leadership (prior role before Labcorp). |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Elon University | Board of Trustees (Trustee) | Current | Non-profit/academic governance. |
| NC State Computer Science Strategic Advisory Board | Chair (prior) | Prior | Academic advisory board leadership. |
Board Governance
- Appointment, classification, and committee assignment: Appointed as Class III director effective July 15, 2025; Board size increased from nine to ten; appointed to the Audit Committee.
- Independence and audit qualifications: Board determined he is independent under Nasdaq rules and meets heightened independence, financial sophistication, and financial literacy for Audit Committee service; no Item 404(a) related‑party transactions.
- Audit Committee context: The Audit Committee oversees financial statements/internal controls, auditor selection, related‑party review, and compliance items not delegated to Compliance Committee; it met seven times in 2024. (Committee composition reflects pre‑appointment membership.)
- Attendance baseline: In 2024, all incumbent directors attended >75% of Board and committee meetings; Berberian was not on the Board in 2024.
- Anti‑hedging and anti‑pledging: Directors are prohibited from hedging or pledging Company stock.
- Notable interlock for context: PRVA’s independent Chair David King was CEO of Labcorp (2007–2019), overlapping with Berberian’s Labcorp tenure (2014–2019); Board nonetheless affirmed Berberian’s independence.
Fixed Compensation (Non‑Employee Director Program)
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $75,000 | Paid to all non‑employee directors. |
| Chair of the Board retainer (cash) | $55,000 | Additional to Board retainer (if applicable). |
| Committee Chair retainers (cash) | Audit: $25,000; Compensation: $20,000; Compliance: $17,500; Nominating & Corporate Governance: $15,000 | Chair fees only; membership fees not disclosed. |
Performance Compensation (Equity)
| Component | Value/Structure | Metrics/Vesting |
|---|---|---|
| Annual RSU grant | $200,000 grant date fair value (shares determined by 30‑day trailing average price) | Non‑employee director equity; no performance metrics disclosed (time‑based RSUs). |
| Initial RSU grant (pro‑rated) | Pro‑rated portion of $200,000 for partial‑year service until next annual meeting | Granted upon mid‑year appointment; per 8‑K terms. |
No performance‑based director equity metrics (e.g., PSUs/TSR) are disclosed for non‑employee directors; equity grants are RSUs determined by value and price formula.
Other Directorships & Interlocks
| Category | Entity | Role | Status/Notes |
|---|---|---|---|
| Public company boards | None disclosed | — | No current public company directorships disclosed at appointment. |
| Non‑profit/Academic | Elon University | Trustee | Current. |
| Academic Advisory | NC State Computer Science Strategic Advisory Board | Chair | Prior. |
| Board interlock (prior employer overlap) | Labcorp | PRVA Chair David King (ex‑CEO 2007–2019) | Overlap with Berberian’s Labcorp tenure (2014–2019); Board affirmed independence/no related‑party transactions. |
Expertise & Qualifications
- Technology/cybersecurity/IT governance: Extensive background in enterprise IT strategy, cybersecurity, AI, product development, and data management; expected to strengthen Board oversight of digital risk and transformation.
- Audit Committee qualifications: Determined to meet financial sophistication and literacy requirements for Audit Committee service under Nasdaq/SEC standards.
- Education: Bachelor’s in business administration and information technology (Thomas Edison State College).
Equity Ownership
| Item | Detail |
|---|---|
| Initial beneficial ownership (Form 3) | Reported “No securities are beneficially owned” as of event date 07/15/2025. |
| Expected equity | Eligible for initial pro‑rated RSU and annual RSU grants per director plan (share counts determined by plan formula). |
| Ownership guidelines | Directors must hold stock equal to ≥5x annual cash Board retainer, with 5 years to achieve compliance from initial election. |
| Hedging/Pledging | Prohibited for directors. |
Insider Filings
| Filing | Date (Filed) | Event Date | Key Details |
|---|---|---|---|
| Form 3 (Initial Statement of Beneficial Ownership) | 07/17/2025 | 07/15/2025 | No securities beneficially owned at appointment; Director capacity indicated. |
Governance Assessment
-
Positives for investor confidence
- Independent director with audit committee financial literacy; adds cyber/IT governance depth at a time of heightened digital and data risk.
- Clear compliance with governance norms: Board independence determination; no Item 404(a) related‑party transactions; anti‑hedging/anti‑pledging policies.
- Director ownership alignment: 5x retainer guideline within five years; ongoing equity via RSUs.
-
Watch items / potential perceived conflicts
- Prior overlap at Labcorp with PRVA Board Chair David King (2014–2019). While the Board affirmed independence and disclosed no related‑party transactions, investors may monitor for any perceived undue influence or committee independence issues over time.
- Initial Form 3 showed no holdings (common for newly appointed directors); track subsequent Form 4s for equity grants/ownership evolution to confirm alignment.
-
Board/process signals
- Board expanded to accommodate appointment (from nine to ten), signaling targeted refresh for technology/cyber oversight; matches stated Board responsibility over ERM and cybersecurity through Audit and Compliance Committees.
Overall: Berberian’s appointment strengthens Board oversight in cybersecurity and digital strategy with confirmed independence and standard director alignment mechanisms (RSUs and ownership guidelines). The primary monitoring item is the historical Labcorp overlap with the Board Chair, though independence and lack of related‑party ties are explicitly disclosed.