Abbott Laboratories (ABT) CEO, Execs See Pay Cut; Pfizer Inc. (PFE)'s Chief Ian Read's Pay Triples First Year on Job
3/16/2012 7:22:48 AM
Abbott Laboratories (ABT) Chairman and Chief Executive Miles White received total compensation worth 6.1% less in 2011 compared with the year before as the stock portion of his awards decreased. Abbott's diverse portfolio had cushioned it from some of the problems facing other large drug makers, like patent expirations and generic competition. But its profits have declined in recent quarters as restructuring and acquisition charges masked revenue growth. White last year received compensation valued at $24 million, down from $25.6 million a year earlier. Much of White's compensation again came in the form of stock awards, which were worth about $9.8 million in 2011, according to a filing with the U.S. Securities and Exchange Commission.
Meanwhile, Pfizer (PFE) Inc. Chief Executive Officer Ian Read received a 44 percent raise in total compensation last year to $25 million in his new role as head of the world’s largest drugmaker, according to a regulatory filing.
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