MADISON, N.J., Nov. 16, 2012 /PRNewswire/ -- As previously announced, Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, will host its Investor Day today, November 16, 2012 in New York City. During the event, Quest Diagnostics executives will share their views of the industry and the company's strategy and plans to drive shareholder value. Speakers will include Stephen Rusckowski, President and Chief Executive Officer; Robert Hagemann, Senior Vice President and Chief Financial Officer; and several members of the company's senior management team. As part of the program for Investor Day, Quest Diagnostics will discuss the company's refreshed vision, goals, strategy and organizational structure. Additionally, management will discuss the company's new five-point strategic plan:
Refocus on diagnostic information services;
Drive operational excellence;
Simplify the organization to drive growth and productivity; and
Deliver disciplined capital deployment and strategically aligned accretive acquisitions.
Consistent with management's previously announced intent to deliver greater cost savings in a shorter time frame, the company plans to announce it has now increased its cost savings commitment related to its Invigorate initiative by $100 million. It will indicate that it now expects to exit 2014 with run-rate savings of $600 million, increased from the previously announced goal of $500 million. Management also is now committing to deliver $500 million of savings in 2014. In addition, Quest Diagnostics' Board of Directors authorized a 76% increase in its quarterly dividend to $0.30 per share, or $1.20 per share annually, payable on January 28, 2013, to shareholders of record of Quest Diagnostics common stock on January 11, 2013. "This dividend increase is consistent with our previously stated commitment to return the majority of our free cash flow to shareholders, underscoring confidence in our continued ability to generate strong cash flow in the future," said Mr. Rusckowski.