Abbott Laboratories’ former and current chief executives raked in a combined $40 million in 2020, as COVID tests boosted company sales.
Miles White, who stepped down as CEO last March but stayed on as Abbott’s executive chairman, received a total of $19.8 million in 2020, according to the North Chicago medical device maker’s filing with the SEC. That’s 28 percent less than White’s total compensation in 2019, the last full year he served as CEO and chairman.
Meanwhile, Robert Ford, who took the reins from White, pocketed a total of $20.5 million last year—72 percent more than he made in 2019 when he served as chief operating officer, the filing says.
Ford’s total pay is 266 times higher than that of Abbott’s median employee, which was $77,594 in 2020, according to the filing. Abbott has 109,000 employees in more than 160 countries, but 2,579 workers in Egypt, Indonesia, Israel and Pakistan were excluded in identifying the company’s median employee.
The hefty combined payout for Abbott’s top executives came in the same year that company sales increased 8 percent to $34.6 billion. The uptick was driven largely by diagnostic tests that detect current and recent COVID-19 infections, which accounted for 11 percent of total sales.
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