Dean Freeman Named a Top 100 CEO by HBR

in Dean Freeman, Faculty in the News, News, School
January 22nd, 2013

Freeman served as CEO of Quest Diagnostics from 1996-2004

Many business leaders are criticized for fixating on short-term goals at the expense of long-term performance. So which global CEOs actually delivered solid results over the long run? The 2013 Harvard Business Review‘s CEO Scorecard provided an objective answer to this question, and named Allen Questrom Professor and Dean Kenneth W. Freeman the 76th best-performing CEO in the world.

Dean Freeman served as Chief Executive Officer of Quest Diagnostics Incorporated from 1996-2004. He also appeared on HBR‘s first CEO Scorecard in 2010, where he was ranked 67th in the world. This year, the pool of CEOs studied increased by roughly one-third, from 1,999 in 2010 to 3,143 this year, due to the inclusion of additional emerging-market indexes.

According to Harvard Business Review, the goal of the CEO Scorecard is to shine a spotlight on the CEOs worldwide who created long-term value for their companies, and to give executives critical benchmarks they could aim for. The top 100 CEOs on the list performed exceptionally well, delivering on average a total shareholder return of 1,385% during their tenures and increasing their firms’ market value by $40.2 billion.

HBR‘s 2013 CEO Scorecard assesses the long-term performance of each CEO, from the first day on the job to the last, by looking at how much total shareholder returns changed over that time period (adjusting for country and industry effects). While Dean Freeman served as CEO of Quest Diagnostics, the leading provider of medical diagnostic testing services, total shareholder return was 1,014% (country adjusted), or 1,102% (industry adjusted).

During his tenure at Quest Diagnostics, Dean Freeman executed a dramatic financial turnaround by establishing industry leadership, effecting expansion through acquisition, and driving organic growth. Quest Diagnostics provided the third highest five-year shareholder returns among the Fortune 500 (1999-2003), and in 2004 was named to the Bloomberg Businessweek 50. The company’s market capitalization increased from approximately $350 million at the time of its spinoff from predecessor company Corning Clinical Laboratories in 1996 to more than $9 billion. Read more about Dean Freeman’s professional background.

The list’s top 5 CEOs are Steve Jobs (Apple), Jeffrey P. Bezos (Amazon.com), Yun Jong-Yong (Samsung Electronics), Roger Agnelli (Vale), and John C. Martin (Gilead Sciences). See the complete list on HBR.org.