Cardinal Health Board of Directors Approves Cash Dividend, Elects David P. King as Director

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Aug 03, 2011, 02:36 ET

DUBLIN, Ohio, Aug. 3, 2011 /PRNewswire/ -- Cardinal Health today announced its board of directors has approved a cash dividend of $0.215 per share and that David P. King will join the company's board of directors.

At its meeting today, the board approved a quarterly dividend to $0.215 per share, payable on Oct. 15 to shareholders of record on Oct. 1. The dividend is the 108th consecutive regular quarterly dividend for Cardinal Health.

The board of directors also announced the election of David P. King as director, effective Sept. 1. King, 55, is chairman, president and CEO of Laboratory Corp. of America Holdings (LabCorp), an S&P 500 company and a pioneer in genomic testing and the commercialization of new diagnostic technologies headquartered in Burlington, NC.

“We are thrilled that Dave will be joining our board of directors,” said George Barrett, chairman and chief executive officer of Cardinal Health. “Dave’s knowledge of health care and his range of experiences will add another dimension to what is an outstanding board of directors.”

King has been with LabCorp since 2001, where he has held a number of roles, including executive vice president and chief operating officer; executive vice president, strategic planning and corporate development; and senior vice president, general counsel and chief compliance officer. During his tenure, he has expanded the company's scientific leadership with the introduction of new genetic tests and the acquisitions of Monogram Biosciences and Genzyme Genetics. He has also built its international presence in Asia, Europe and the Middle East.

King has more than 25 years of experience in both the public and the private sector. Prior to joining LabCorp, he served in the Department of Justice as an Assistant United States Attorney and as a partner in a private law firm.

King is the chairman of the American Clinical Laboratory Association. He also serves on the boards of the Personalized Medicine Coalition and the North Carolina Health Information Exchange. He holds a bachelor's degree from Princeton University and a juris doctorate from the University of Pennsylvania.

About Cardinal Health

Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $99 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 60,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #19 on the Fortune 500, Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com and @CardinalHealth on Twitter.