LabCorp 2015 Annual Report Download - page 67

Index
• provide reasonable assurance that receipts and expenditures of the Company are being made only in accordance with authorization of management
and directors of the Company; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a
material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
The Company's management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2015. Management
based this assessment on criteria for effective internal control over financial reporting described in “Internal Control - Integrated Framework 2013” issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, the Company's management determined that, as
of December 31, 2015, the Company maintained effective internal control over financial reporting. Management reviewed the results of its assessment with
the Audit Committee of the Company’s Board of Directors.
On February 19, 2015, the Company completed the acquisition of Covance Inc. As a result, management has excluded Covance Inc. from its assessment of
internal control over financial reporting. Covance Inc. is a wholly-owned subsidiary whose total assets and total revenues represent 48% and 25%,
respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2015.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, who audited and reported on the consolidated financial statements of
the Company included in this annual report, also audited the effectiveness of the Company’s internal control over financial reporting as of December 31,
2015 as stated in its report, which is included herein immediately preceding the Company’s audited financial statements.
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On December 18, 2015, James T. Boyle, Jr., Executive Vice President and Chief Executive Officer of LabCorp Diagnostics, announced his intention to
retire no later than July 1, 2016.
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 - Mr. King (59) has served as Chairman of the Board, President, and Chief Executive Officer of the Company since May 6, 2009; prior to that
date he served as a director, President and Chief Executive Officer of the Company since January 1, 2007. Mr. King served as Executive Vice President and
Chief Operating Officer from December 2005 to January 2007, as Executive Vice President of Strategic Planning and Corporate Development from January
2004 to December 2005 and was hired in September 2001 as Senior Vice President, General Counsel and Chief Compliance Officer. Prior to joining the
Company, he was a partner with Hogan & Hartson LLP (now Hogan Lovells US LLP) in Baltimore, Maryland from 1992 to 2001. Mr. King was appointed to
the board of directors of Cardinal Health, Inc. in 2011 and chairs its Human Resources and Compensation Committee. He also sits on the Boards of Directors
of the Seattle Science Foundation, PATH, Inc., and the American Clinical Laboratory Association, and on the Board of Trustees of Durham Academy. Mr.
King has over 10 years’ experience with the Company in a variety of roles of increasing responsibility in corporate operations, strategic planning, and
corporate administration. Mr. King has a deep understanding of the clinical laboratory industry, business strategy, sales and marketing and executive
management of the Company and its operations.
1,4 - Mrs. Anderson (58) has served as a director of the Company since May 17, 2006. Ms. Anderson was Chief Executive Officer of
Wendy’s International, Inc., a restaurant operating and franchising company, from April 2006 until September 2008, when the company was merged with
Triarc. Ms. Anderson served as Executive Vice President and Chief Financial Officer of Wendy’s International from 2000 to 2006. Prior to this position, she
was Chief Financial Officer, Senior Vice President of M/I Schottenstein Homes, Inc. from 1987 to 2000. Ms. Anderson served as the Chairwoman of the Board
of Chiquita Brands International Inc. from October 2012 until the Company was sold on January 6, 2015, and was the Chairwoman of the Nominating and
Corporate Governance Committee and a Member of the Audit Committee. She is also a director and a member of the Compensation Committee and Audit
Committee of Worthington Industries, Inc. Ms. Anderson serves on the financial committee of Columbus Foundation, on the Board of Trustees of Ohio
Health and on the Board of Trustees for Elon University, and she chairs
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