Chairman and CEO, Abbott Laboratories
Total Compensation: $25.119 million
Professional Profile: Miles White, 58, is a busy man. He's not only chairman and CEO at Abbott ($ABT), but he also serves on the board of McDonald's and Caterpillar, chairs the advisory board at Kellogg School of Management and serves on the board of trustees of Northwestern University, not to mention museum boards, foundations, and Chicago business organizations. He started his career as a consultant at McKinsey, joined Abbott in 1984, and worked his way up in the diagnostics business. Then, in 1998, he took over as CEO. He gained the chairman's role in 1999.
Compensation Breakdown: $1.9 million in salary, $9.43 million in stock, $2 million in options and $4.7 million in incentive pay, plus $6.2 million worth of pension growth and deferred compensation and $869,713 worth of perks, car service, company aircraft privileges and other compensation.
Company Performance: The big action at Abbott Labs last year? The spinoff of its branded pharma business into a fully independent company, dubbed AbbVie ($ABBV). As separate companies, the idea went, Abbott and AbbVie each represented a "fundamentally different" investment opportunity, White explained last year. And investors did appear to be pleased; AbbVie raised $14.7 billion in a bond issue ahead of the spinoff.
There were other milestones: The company's sales grew a bit--5.5%, excluding currency effects--and earnings of $5.07 beat the company's initial guidance for the year. The company rolled out a laundry list of new products, including new diagnostic tests and a next-generation stent. Its hepatitis C drug program made promising strides. But on the not-so-positive side, the company agreed to pay $1.6 billion to wrap up off-label marketing violations and other Justice Department allegations.
Special Report: Miles White - Top 10 Pharma CEO Salaries of 2011
AbbVie is pharma's first birth of the new year
Abbott, Gilead reveal topline results for oral hep C drugs
AbbVie raises $14.7B for spinoff in record bond issue
Reuters: Abbott nixes gift-giving to Indian doctors
How does pharma's CEO pay rank?