Longtime Abbott Labs CEO Miles White to Step Down in March -- Update
November 13 2019 - 12:08PM
Dow Jones News
By Colin Kellaher
Abbott Laboratories on Wednesday said Miles White will step down
in March as chief executive officer after 21 years at the helm of
the maker of health-care products.
Abbott said Robert Ford, 46 years old, who is currently
president and chief operating officer, will succeed Mr. White on
March 31. Mr. White, 64, will remain as executive chairman, the
Abbott Park, Ill., company said.
During his tenure as CEO, Mr. White oversaw Abbott's 2013
spinoff of AbbVie Inc., which markets Humira, the world's
best-selling drug. He also led the 2004 spinoff of Hospira Inc.,
which was acquired by Pfizer in 2015 in a $16 billion deal. The
former chairman of the Federal Reserve Bank of Chicago joined
Abbott in 1984.
Abbott shares have roughly quadrupled since Mr. White was named
CEO in September 1998. At the time of his promotion, The Wall
Street Journal called him "something of a dark-horse winner" in the
three-way race for the top job.
Abbott signaled its succession plans in October 2018 when it
elevated Mr. Ford to his current position. Mr. Ford, who joined
Abbott in 1996 in its diabetes-care business, also has been named a
director, the company said, which expands the board to 15
members.
Shares of Abbott, up 20% over the past year, slide 60 cents
Wednesday to $83.74.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 13, 2019 11:53 ET (16:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Abbott Laboratories (NYSE:ABT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abbott Laboratories (NYSE:ABT)
Historical Stock Chart
From Apr 2023 to Apr 2024