2012 pay: $25.1 million
2011 pay: $24 million
Miles White's biggest mission in 2012 was to split Abbott in two. Mission accomplished. The Abbott that exists as of Jan. 1, 2013 focuses on medical devices, diagnostics, nutritional products and generic drugs. Spinoff AbbVie ($ABBV) handles what was Abbott's brand-name drug business.
Part of the gamble here is to unlock the value of Abbott's ($ABT) surging diagnostics business and focus on more reliable products such as stents and generics. A Jeffries analyst told the Associated Press in September that the move would leave the new Abbott poised for robust growth in the business areas it retained. Some challenges ahead include stent sales that declined in 2012, but in the fourth quarter the company's point-of-care diagnostics business surged and its core lab diagnostics arm posted steady growth.
So far this year, Abbott can already add to its roster a new FDA approval for a testicular cancer/prenatal diagnostic test. And the company is working hard to win the FDA's approval for its MitraClip mitral valve cardiac device, despite having to issue a safety warning overseas. White's 2012 compensation included a $1.9 million base salary (the same as 2011), more than $9.4 million in stock awards, $2 million in options and $4.7 million in nonequity incentive plan compensation.
- read Abbott's annual report (PDF)
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