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Quest Diagnostics Appoints Sam Samad as New Chief Financial Officer

Strategic Insights

— 2 min read

Quest Diagnostics Incorporated (the "Company") announced that Sam Samad will become Executive Vice President and Chief Financial Officer of the Company, succeeding Mark Guinan who will retire after eight and a half years in the role.

Sam Samad, a 52-year-old seasoned finance executive, joins Quest Diagnostics from Illumina, Inc., where he has served as Chief Financial Officer since 2017. With over three decades of experience in finance, operations, and industry experience, Samad brings extensive knowledge in financial management, strategic planning, and leadership development. Prior to Illumina, he held senior leadership positions at Cardinal Health, including SVP and Corporate Treasurer, and served as SVP and CFO for Cardinal Health's $85 billion pharmaceutical segment.

The transition is expected to be smooth, with Mark Guinan remaining at Quest Diagnostics through the report of second-quarter financial results. Samad will join the company on July 11, 2022, and become Chief Financial Officer on July 25, 2022. His compensation package includes an annual base salary of $650,000, subject to annual review, as well as eligibility for annual incentive compensation, equity awards, and participation in employee benefit programs.

Key Takeaways:

  • Sam Samad will become Executive Vice President and Chief Financial Officer of Quest Diagnostics, succeeding Mark Guinan who will retire after eight and a half years in the role.
  • Samad brings over three decades of experience in finance, operations, and industry experience, including serving as CFO of Illumina, Inc. and holding senior leadership positions at Cardinal Health.
  • The transition is expected to be smooth, with Mark Guinan remaining at Quest Diagnostics through the report of second-quarter financial results.
  • Samad will join the company on July 11, 2022, and become Chief Financial Officer on July 25, 2022.
  • His compensation package includes an annual base salary of $650,000, subject to annual review, as well as eligibility for annual incentive compensation, equity awards, and participation in employee benefit programs.
  • Samad will be eligible to participate in the Executive Officer Severance Plan and comply with the Company's Executive Share Ownership Guidelines.
  • He will also be recommended to participate in financial planning benefits similar to those provided to other senior executives of the Company.

Statistics:

  • Sam Samad's annual base salary will be $650,000, subject to annual review.
  • He will be eligible for annual incentive compensation with a target amount of 90% of base salary.
  • The target value of his annual equity award under the Employee Long-Term Incentive Plan will be $2,500,000, allocated 50% to performance shares, 25% to stock options, and 25% to restricted stock units.
  • 50% of the Make Whole RSUs are scheduled to vest on each of the first and second anniversaries of the grant date.
  • The maximum "Flexible Benefits" under the Company's Tier V Relocation Policy will be $105,000.

Sources:

  • Form 8-K filed by Quest Diagnostics Incorporated on June 8, 2022.
  • Press release issued by Quest Diagnostics on June 9, 2022.
  • Statement from Jim Davis, Quest Diagnostics CEO-elect.
  • Statement from Steve Rusckowski, Chairman, CEO and President of Quest Diagnostics.
  • Quest Diagnostics' website (www.QuestDiagnostics.com).
  • COMTEX_408683311/2254/2022-06-14T18:01:50.

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