Laboratory Corp. of America Holdings said its chairman, David King, is retiring as president and CEO of the company to become executive chairman of its board.

King's retirement and transition to executive chairman are effective Oct. 31 and Nov. 1, respectively.

Adam Schechter, current lead independent director of LabCorp and a former Merck & Co. Inc. executive, will replace King as president and CEO, effective Nov. 1. The company's board will choose one of its members to serve as lead independent director at a later date.

Burlington, N.C.-based LabCorp is an independent clinical laboratory company operating worldwide.