Abbott Fills Out Leadership Team for Pharma Spinoff AbbVie

Date : 06/04/2012 @ 3:46PM
Source : Dow Jones News
Stock : Abbott Laboratories (ABT)
Quote : 44.71  0.76 (1.73%) @ 4:00PM

Abbott Fills Out Leadership Team for Pharma Spinoff AbbVie

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   By Peter Loftus 
 

Abbott Laboratories (ABT) on Monday unveiled the leadership team for the proprietary pharmaceutical division that it plans to separate into an independent company.

Abbott had previously disclosed that Richard A. Gonzalez, the 57-year-old leader of Abbott's pharmaceutical business, will serve as chairman and chief executive of the new company, AbbVie, which Abbott plans to establish via a tax-free distribution of AbbVie shares to Abbott shareholders by the end of this year.

Abbott Labs disclosed in a filing Monday with the U.S. Securities and Exchange Commission that it is tapping other in-house executives to go with Mr. Gonzalez to lead AbbVie.

They include William J. Chase, 44, who will serve as AbbVie's chief financial officer; he is currently vice president of licensing and acquisitions at Abbott Laboratories.

Abbott Laboratories' general counsel, Laura J. Schumacher, 48, will take the same position at AbbVie. AbbVie will name John M. Leonard as senior vice president of pharmaceutical research and development. Dr. Leonard currently holds the same position at Abbott.

Also, AbbVie will name Carlos Alban as senior vice president of proprietary pharmaceutical products, global commercial operations, the same position he holds at Abbott Labs. Timothy J. Richmond, currently divisional vice president of compensation and benefits at Abbott Labs, will serve as chief human resources officer at AbbVie.

Abbott also disclosed compensation for some of the top officers of AbbVie.

Mr. Gonzalez's total compensation for 2011 was valued at $5.6 million, down from $7.6 million for 2010. This included base salary of $825,000, plus stock and option awards and other compensation.

Ms. Schumacher's compensation was valued at $5.6 million, down from $7.1 million. Other total compensation for 2011: Mr. Chase, $1.8 million; Mr. Alban, $3.9 million; and Dr. Leonard, $3.5 million.

Miles White will remain CEO of Abbott Labs, which will retain the rest of its businesses, including nutrition, diagnostic and medical-device products.

Abbott shares fell 0.5% to $60.20 on Monday.

Write to Peter Loftus at peter.loftus@dowjones.com

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