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How Safe Are Covid-19 Coronavirus Vaccines? He is a member of the Business Council and is a fellow of the American Academy of Arts and Sciences. “He has positioned Abbott well for continued top-tier growth and innovation and we thank him for his countless contributions.”, I've written about health care for three decades, starting from my native Iowa where I covered the presidential campaign bus rides of Bill and Hillary Clinton through the. Abbott CEO Miles White to step down in March - Chicago Tribune The website that you have requested also may not be optimized for your screen size. Miles White steps aside at Abbott—but only so far ... Shares of Abbott and North Chicago-based AbbVie—the pharmaceutical spinoff now facing the imminent loss of … In Chicago, you can hear my health segments and business analysis on WBBM News Radio 780 and 105.9 FM. In 2017, Abbott closed on its $5.3 billion acquisition of medical test maker, Alere and continues to pay down debt accumulated from its $25 billion purchase of device maker St. Jude Medical, which closed in January 2017. He has served as chairman and CEO since 1998. Miles D. White will step down from his role as CEO following 21 years with the company. Mr. White earned both a bachelor's degree in mechanical engineering and a master's degree in business administration from Stanford University. "One of the primary goals in my career has been to leave the company well positioned for the people who count on us,” White said. Abbott also spun off in 2013 its drug business into Abbvie, which is now valued at more than $125 billion and when the former Hospira hospital products business sold to Pfizer in 2015, it was purchased for $17 billion. Abbott Labs teams are working around the clock to ramp up COVID-19 tests and to develop more diagnosis products, outgoing CEO Miles White said. Miles D White is Chairman at Abbott Laboratories Inc. See Miles D White's compensation, career history, education, & memberships. "While Miles White was at times considered a larger-than-life figure at Abbott, we think Bob Ford is the right person to fill Miles' shoes," Evercore ISI analyst Vijay Kumar said in a client note. Miles D. White is Executive Chairman of the Board of Abbott, a global healthcare company with a leading portfolio of products and technologies in diagnostics, medical devices, … But great CEOs, like Miles White of Abbott Labs - Get Report, can turn ... White spun off Abbvie - Get Report in 2013 to make sure that value was realized. Longtime Abbott Labs CEO Miles White to Step Down in March Current president, Robert Ford, will replace him; Mr. White will remain as chairman … Mr. White is Executive Chairman at Abbott Laboratories and Chairman & Chief Executive Officer of Abbott Laboratories Ltd. (a subsidiary of Abbott Laboratories). During his two decades as Abbott’s CEO, White has grown the Abbott Park, Ill.–based company’s annual revenue tenfold — to more than $30 billion. But Abbott, its shareholders and board stuck with White as he transformed the company into a global market leader in several different areas and today sells some of the top selling diagnostics and medical devices. Share Us With The World Relationship Science 5 Pennsylvania Plaza 15th Floor New York, NY 10001 White will officially step down as Abbott CEO on March 31, 2020, but remain executive chairman. AbbVie's value has risen from $33 per share in 2013 to $87 per share today. Abbott Laboratories chief executive Miles White is stepping down effective next year after 21 years at the helm of the diversified healthcare company. He will remain executive chairman of the board. He changed what was more of a pharmaceutical company into one of the world’s largest medtech companies. White, who will … No use of any Abbott trademark, trade name, or trade dress in this site may be made without the prior written authorization of Abbott, except to identify the product or services of the company. He took over from Duane Burnham, who was an insular finance executive who rarely did interviews or spoke publicly, often telling employees that the “whale that surfaces gets harpooned.”. Abbott announced that Miles 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. He will be succeeded by another long-time Abbott veteran, Robert B. Ford, who has been with the company for 23 years. According to Miles White, CEO at the time, the purpose of the split was to allow markets to value the two businesses separately; White said that investors would "benefit from two fundamentally different investment opportunities with distinct strategic profiles and business priorities." Miles White is 65, he's been the Executive Chairman of the Board of Abbott Laboratories since 2020. Most notably, Abbott battled with the Food and Drug Administration for years over quality control issues in its diagnostics division that White ran before he became CEO. It has paid off. A better understood health system may save someone some money or their life. White spun off AbbVie Inc (NYSE: ABBV) and Hospira, the latter of which was bought by Pfizer Inc. (NYSE: PFE). CEO Miles White (Image from Abbott) Few medical device companies have seen the growth and transformation that Abbott (NYSE: ABT) has seen under the leadership of Miles White. Mr. White also spun out two highly successful companies, Hospira in 2004 (which was acquired by Pfizer in 2015), and AbbVie in 2013, which is a Fortune 100 company today. Miles White, Chairman and CEO of Abbott, has been named in Barron’s annual list of 30 World’s Best CEOs for the seventh consecutive year. I am the author of the book, "Inside Obamacare." Miles D. White (born 1955) is an American businessman. A regular on Forbes on Fox (2014-2018), you can see me on occasion nationally on Fox Business News. The oldest executive at Abbott Laboratories is Samuel Scott, 75, who is the Independent Director. He is a member of the board of trustees of Northwestern University and serves as Chairman of the Culver Educational Foundation. Here’s The Allergic Reaction Risk, 12 Most Common Questions About Covid Mutations And Vaccines, More Women Are Aware Of Pain During Cesareans Than First Thought, Study Suggests, HHS Secretary Alex Azar Submits ‘Resignation Letter,’ Effective January 20, Inauguration Day, Over 11,000 Ice Cream Cartons Recalled Due To Possible Metal Pieces, 5 Ways To Sustain The Antiracism In Medicine Momentum In 2021, Billionaire Mark Cuban Wants To Lower Drug Prices With Generics Startup, last year named long-time Abbott executive. Abbott in 1999 agreed to pay the government $100 million in what at the time was the largest largest civil settlement by a medical-product maker regulated by the Food and Drug Administration, according to a Chicago Tribune report at that time. Abbott’s market capitalization, which hovered near $75 billion when he took over has soared to $149 billion today. As a result, the site may contain information on pharmaceuticals, medical devices and other products or uses of those products that are not approved in other countries or regions. Here’s a timeline of … He currently serves as executive chairman of Abbott Laboratories. Abbott (NYSE: ABT) CEO Miles White is retiring in March after two decades heading the Abbott Park, Ill.-based corporation. Mr. White also spun out two highly successful companies, Hospira in 2004 (which was acquired by Pfizer in 2015), and AbbVie in 2013, which is a Fortune 100 company today. I'm active in education and teach in the University of Iowa School of Journalism MA in Strategic Communication program. Ford was the first official No. Miles D. White is Executive Chairman of the Board of Abbott, a global healthcare company with a leading portfolio of products and technologies in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. The inability to sell the diagnostic kits in question that were used by hospitals and large reference laboratories to test for a range of illnesses cost Abbott hundreds of millions of dollars in the time it took to eventually resolve the FDA issues. He spearheaded one of the most successful acquisitions in the pharmaceutical industry, purchasing BASF's Knoll pharmaceutical business in 2001. Photographer: Frank Polich/Bloomberg News. In his earlier years as CEO, White guided Abbott through various scrapes with regulators that included issues he inherited from the Burnham era. In White, Abbott picked a CEO that almost immediately began to become more involved in Chicago civic affairs and began to wheel and deal to grow businesses via acquisition. Miles White would continue as the senior leader of Abbott while longtime Abbott corporate executive Richard Gonzalez would lead the new AbbVie corporation. (Crain's) -- Abbott Laboratories Inc. CEO Miles White and his wife have made a $1-million donation to the Field Museum. Photographer: Frank Polich/Bloomberg News, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Rand Paul Says ‘Throw Your Mask Away’ After Covid-19 Vaccination, Don’t Do That. All Rights Reserved, This is a BETA experience. The 64-year-old White last year named long-time Abbott executive Robert B. Ford, who is 46 years old, as the company’s president and chief operating officer in what was seen by many as a move to pick his own successor. The company named Abbott's president and operating chief, Robert B. Ford, to succeed White, who will remain executive chairman. Today, he's one of … I write about healthcare business and policy, Industry Organization (BIO) 2006 conference in Chicago, Illinois, April 10, 2006. There are 5 older and 28 younger executives at Abbott Laboratories. Abbott Laboratories said Tuesday that Chief Executive Miles D. White, who oversaw the transformation of the health care products maker with a series of acquisitions and spinoffs in more than 20 years at the helm, will step down as CEO in March 2020. Mr. White, who joined Abbott in 1984, served as Abbott's Chairman and Chief Executive Officer from 1999 to 2020. I have covered the rise, fall and rise again of health reform, chronicling national trends as well as the influence of Barack and Michelle Obama from Chicago's South Side on changes to the U.S. health system from my base in Chicago. “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. I've written about health care for three decades, starting from my native Iowa where I covered the presidential campaign bus rides of Bill and Hillary Clinton through the Hawkeye state talking health reform and the economy. White, who will remain executive chairman of Abbott’s board, said in a statement that he will leave Abbott in a strong position, which was a goal of his when he decided to retire. Please be aware that the website you have requested is intended for the residents of a particular country or region, as noted on that site. I've written for many media outlets, including the New York Times (2011-2013) and was healthcare reporter at the Chicago Tribune (1998-2011). 2 executive and chief operating officer Abbott has had in more than a decade and will now become just the 13th CEO of Abbott in its 131-year history, the company said. He spearheaded one of the most successful acquisitions in the pharmaceutical industry, purchasing BASF’s Knoll pharmaceutical business in 2001. You may opt-out by. Prior to that, I wrote for Modern Healthcare and several Iowa newspapers including the Des Moines Register. Barron credits Miles White’s “corporate engineering” that has helped investors realize great value, ma king Abbott one of the industry’s most durable growth stories. Pharma Longtime Abbott chief Miles White, designer of AbbVie spinoff, bows out of CEO job Miles White (right) will step down as Abbott's CEO on … The website you have requested also may not be optimized for your specific screen size. The Presence of Miles D. White's profile does not indicate a business or promotional relationship of any kind between RelSci and Miles D. White. The product is considered unique in that it measures glucose continuously for two weeks. Most recently, Abbott’s Freestyle Libre glucose monitoring system test used by people with diabetes became a blockbuster generating more than $1 billion in global sales even as new products enter the market. But more costly than the fine itself was Abbott’s agreement to stop selling some diagnostic products until it corrected the various violations of federal quality standards. Abbott is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Abbott. Mr. White was formerly Chairman of the Federal Reserve Bank of Chicago. White raised the company’s profile among investors and with the public on the national and global stage with Abbott investing in not only its businesses, but community and humanitarian projects. Mr. White, who joined Abbott in 1984, served as Abbott's Chairman and Chief Executive Officer from 1999 to 2020. The 63-year-old White has transformed Abbott since he became CEO in 1999, spinning off its pharmaceutical division six years ago into the fast-growing drug maker Abbvie and building a … When Miles White was named CEO of Abbott Laboratories (ABT) in 1998 at 43, he was the youngest head of a major health care company. AbbVie has moved forward with numerous deals of its own including its latest acquisition of Allergan for $63 billion in 2019. Mr. White is the architect behind Abbott’s ability to remain relevant and anticipate the future of healthcare through a combination of important internal investments and transactions. White also spun out two highly successful companies, Hospira in 2004 (which was acquired by Pfizer in 2015), and AbbVie in 2013, which is a Fortune 100 company today. … The board has unanimously appointed Robert Ford, a 23-year Abbott veteran, to succeed White as CEO. Miles D. White is Executive Chairman of the Board of Abbott, a global healthcare company with a leading portfolio of products and technologies in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. Abbott Laboratories chief Miles White will shed the CEO title next year after a 21-year run and several major transformations at the global healthcare company. Abbott Laboratories chief executive Miles White is stepping down effective next year after 21 years at the helm of the diversified healthcare company. Abbott Laboratories Chief Executive Officer Miles White will step down next year after leading the healthcare conglomerate for more than two decades. Abbott Laboratories Chairman and Chief Executive Officer Miles White speaks during the Biotechnology ... [+] Industry Organization (BIO) 2006 conference in Chicago, Illinois, April 10, 2006. Opinions expressed by Forbes Contributors are their own. White will shed the CEO title next year after a 21-year run and several major transformations at the global healthcare company. Links which take you out of Abbott worldwide websites are not under the control of Abbott, and Abbott is not responsible for the contents of any such site or any further links from such site. Can SARS-CoV-2 Become Even More Troublesome Than The UK And South African Variants? © 2021 Forbes Media LLC. In addition to being Executive Chairman of the Abbott Board of Directors, Mr. White currently serves on the boards of Caterpillar Inc., and McDonald's Corporation. When Miles White was named CEO of Abbott Laboratories (ABT) in 1998 at 43, he was the youngest head of a major health care company. White will turn over the reins of the company on March 31, 2020. White, a former chairman of the Federal Reserve Bank of Chicago, was instrumental in Abbott’s acquisitions of rivals St. Jude Medical and Alere, as well as the spinoffs of Abbott’s pharmaceutical arm into AbbVie Inc in 2013 and of Hospira earlier in … He is also Chairman of The Culver Educational Foundation and Chairman-Civic Committee at The Commercial Club of Chicago and on the board of 10 other companies. He spearheaded one of the most successful acquisitions in the pharmaceutical industry, purchasing BASF's Knoll pharmaceutical business in 2001. Unless otherwise specified, all product and service names appearing in this Internet site are trademarks owned by or licensed to Abbott, its subsidiaries or affiliates. to a Chicago Tribune report at that time. ", Abbott is a much different company than when White became CEO in 1999. I am passionate about health literacy when it comes to explaining the complexities of health care. Abbott Miles White will step down as CEO. https://www.fiercepharma.com/special-report/miles-white-abbott-laboratories He is highly respected, has helped us shape the company during the last several years and understands the forces driving change in healthcare. "He embodies the values of the company in every respect and his impact on employees, shareholders, and most importantly, patients, will continue for years to come,” William Osborn, the lead director of Abbott’s board said of White. The University of Iowa School of Journalism MA in Strategic Communication program Samuel Scott, 75, who joined in. My health segments and business analysis on WBBM News Radio 780 and 105.9 FM White guided Abbott through various with... 'S president and operating chief, Robert B. Ford, who joined Abbott in 1984, served as of. 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