Longtime Abbott Labs CEO Miles White to Step Down in March -- Update

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 [e-mail]

(END) Dow Jones Newswires

November 13, 2019 11:53 ET (16:53 GMT)

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