DOW JONES NEWSWIRES
Abbott Laboratories (ABT) Chairman and Chief Executive Miles
White received total compensation worth 6.1% less in 2011 compared
with the year before as the stock portion of his awards
decreased.
Abbott's diverse portfolio had cushioned it from some of the
problems facing other large drug makers, like patent expirations
and generic competition. But its profits have declined in recent
quarters as restructuring and acquisition charges masked revenue
growth.
White last year received compensation valued at $24 million,
down from $25.6 million a year earlier. Much of White's
compensation again came in the form of stock awards, which were
worth about $9.8 million in 2011, according to a filing with the
U.S. Securities and Exchange Commission.
Abbott shares have climbed 24% over the past year. The company
on Feb. 17 awarded White a $4.2 million bonus, which was not
reflected in his 2011 compensation.
The company in October unveiled plans to split into two publicly
traded companies, separating its medical products and
research-based pharmaceuticals operations.
White plans to remain chairman and chief executive of the
medical products maker, while Abbott executive Richard A. Gonzalez
will lead the research-based pharmaceutical company.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com