- Push-out Score determined
- After 21 years in the position
- Praise and thanks for White
- Robert Ford taking over
- White will remain as Executive Chairman at Abbott
- White said 97 words
(exechange) — Abbott Park, Illinois, November 13, 2019 — Miles White, chief executive of Abbott, leaves his position. As announced by Abbott Laboratories in a news release and in a regulatory filing published on Wednesday, November 13, 2019, Miles D. White leaves his post as Chief Executive Officer at the pharmaceutical company after 21 years in the role, effective March 31, 2020.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 4% of the CEOs who announced their departure over the past 12 months left their posts after more than 20 years.
Miles White’s duties as CEO will be taken over by Robert B. Ford, currently Chief Operating Officer of Abbott Laboratories.
“Today, the Company is the strongest it has been during my tenure”
A reason for Miles White’s departure from the CEO post was not explicitly provided. White said: “One of the primary goals in my career has been to leave the Company well positioned for the people who count on us. Today, the Company is the strongest it has been during my tenure, and I am confident that Robert will lead Abbott successfully into the future.”
White will remain as Executive Chairman at Abbott
“He will remain Executive Chairman of the Board,” Abbott said.
“Stepping down”
Abbott said: “Miles D. White will be stepping down as Chief Executive Officer on March 31, 2020, after a remarkable 21-year tenure, the second longest for a non-founder in today’s S&P 100.”
Abbott further said: “On November 12, 2019, Miles D. White informed Abbott Laboratories’ (“Abbott”) Board of Directors that he will step down as Chief Executive Officer, effective March 31, 2020.”
Share price increase since January 2017
The announcement follows an increase in Abbott Laboratories’s share price of 107% since January 2017.
In the position of CEO since 1999
Miles White became CEO of the Company in March 1999.
Miles D. White is Chairman and Chief Executive Officer of Abbott.
White, who joined Abbott in 1984, became Chairman and CEO in 1999.
In addition to being Chairman of the Abbott Board of Directors, White currently serves on the boards of Caterpillar Inc., and McDonald’s Corporation.
He is a member of the board of trustees of Northwestern University, and serves as Chairman of the Culver Educational Foundation.
He is a member of the Business Council, the Business Roundtable, and is a fellow of the American Academy of Arts and Sciences.
White was formerly Chairman of the Federal Reserve Bank of Chicago.
White earned both a bachelor’s degree in mechanical engineering and a master’s degree in business administration from Stanford University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Abbott and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2019 ($).