Abbott Labs Chief White's Compensation Fell 6.1% In 2011

   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; [e-mail]