Quest Diagnostics (DGX +0.8%) plans to strip out three layers of management and cut 400-600...

|About: Quest Diagnostics Incorpo... (DGX)|By:, SA News Editor

Quest Diagnostics (DGX +0.8%) plans to strip out three layers of management and cut 400-600 execs, including VPs, as part of an overhaul in which its consolidating a number of divisions into two groups. The cuts will contribute $65M to an already announced program to save $500M, although Quest will take charges of $15M-$20M to cover the costs of the restructure. (PR)