Longtime Chief Of Abbott Labs Steps Down From Board

GREEN OAKS, IL — After 38 years with Abbott Laboratories, Executive Chairman and former Chief Executive Officer Miles White is retiring from the medical devicemaker, the company announced.

White, 66, of Lake Forest, resigned from the company's board of directors Friday. Board members elected CEO Robert Ford, who succeeded him as CEO in March 2020, to replace White as chairman, according to the company.

"It's been my privilege to serve Abbott and its many stakeholders, reshaping the Company to keep it relevant and strong while medicine, technology and society have evolved," White said in a statement. "Abbott will be in good hands with Robert's leadership, and I want to thank the Board and my colleagues — current and past — for their support during my tenure."

After joining Abbott in 1984, White became executive vice president in 1998 before becoming CEO and board chairman the following years.

"I want to thank Miles for all he's done for Abbott and the people we serve, as well as his mentorship and friendship throughout my career," said Ford, his successor. "It's my honor to work alongside the Board and my global team to deliver on the unprecedented opportunities in front of us, so Abbott continues to lead in the reshaping of the future of healthcare."

White is also a member of the boards of Caterpillar and McDonald's, according to a company biography.

In 2013, White led the spinoff of Abbott's drugmaking business, North Chicago-based Abbvie. Since then, Abbott's annual revenues are up by nearly 60 percent, according to Crain's Chicago Business.

"We're grateful for Miles' leadership and his exceptional work to transform Abbott into the leading health technology company that it is today," William Osborn, the board's lead director and nominations and governance committee chair, said in a statement.

"Robert has continued to strengthen Abbott's position by advancing our industry-leading pipeline while managing the Company's significant contributions during the pandemic," he added.

Last year, the company paid White $20 million in total compensation, Crain's reported, citing Securities and Exchange Commission filings. Public disclosures show he received a $12 million incentive payment for his work in 2019.

Since then, the coronavirus pandemic has been good for business at Abbott. The firm has designed multiple COVID-19 tests, including the country's most widely used rapid antigen test.

Abbott, which about 109,000 employees, recorded approximately $34.6 billion in sales for 2020, as its net income rose by more than 21 percent.

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