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Abbott Labs Spins-Off New Business, AbbVie

Abbott Laboratories (NYSE:ABT) has completed the spin-off of its research-based pharmaceuticals business. AbbVie, a new independent biopharmaceutical company will begin trading today on the New York Stock Exchange under the ticker symbol "ABBV." Chairman and Chief Executive Officer Miles White said he wishes the new entity success and says that this is the company's "most transformative action in its 125-year history." The new company will focus on immunology and virology research and currently has a pipeline of breakthrough therapies. Due to the separation, Abbott Labs is seeing a big sell off pre-market, down over 50 percent.

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Executives

Miles D. White, Chairman and Chief Executive Officer
Miles D. White is Chairman and Chief Executive Officer of Abbott, a pharmaceutical and medical products company. Mr. White joined Abbott in 1984, was named chief executive officer in 1998 and became chairman of the board in 1999.
Mr. White currently serves as a director of Caterpillar Inc., McDonald's Corporation and the Northwestern Memorial Hospital. He serves as Chairman of the Dean’s Advisory Board at Kellogg School of Management and The Culver Educational Foundation. In addition, he serves on the board of trustees of Northwestern University, the Museum of Science and Industry, and The Field Museum in Chicago, of which he is immediate past chair. He is former Chairman of the Federal Reserve Bank of Chicago, The Economic Club of Chicago, and the Pharmaceutical Research and Manufacturers of America (PhRMA).
Mr. White earned both a bachelor's degree in mechanical engineering and a master's degree in business administration from Stanford University.
Thomas Freyman, Executive Vice President, Finance and Chief Financial Officer
Thomas Freyman is Executive Vice President, Finance and Chief Financial Officer. He was appointed to his current role in February 2004 and has served as Abbott's Chief Financial Officer since 2001.
Mr. Freyman joined Abbott in 1979, and has served in a number of financial planning and analysis positions. In 1984, Freyman was appointed Finance Director for Abbott's European distribution center in the Netherlands. He also served as Division Controller, Corporate Materials Management, Vice President and Treasurer, and Vice President and Controller, Hospital Products Division.
Prior to joining Abbott, Mr. Freyman was a certified public accountant with Ernst & Whinney, Chicago.
Mr. Freyman serves on the board of directors of the Chicago Botanic Garden. He is also a member of the Economic Club of Chicago, the Executives' Club of Chicago, the Healthcare Leadership Council and the S&P Corporate Ratings Issuer Council.
He earned a bachelor's degree in accounting from the University of Illinois and a master's degree in management from Northwestern University.
Richard Ashley, Executive Vice President, Corporate Development
Richard Ashley is Executive Vice President, Corporate Development. His responsibilities include various aspects of corporate strategic planning and business development. Mr. Ashley was appointed to his current position in February 2004.
Prior to joining Abbott, he was a senior director at McKinsey and Company, a former managing partner of the firm's Chicago office, and head of the firm's Global Leadership and Organization practice. During his 31 years with McKinsey, Mr. Ashley consulted with clients in the healthcare, energy and industrial manufacturing industries across a wide range of business and organizational issues.
Mr. Ashley is a member of the executive committee of the board of directors of Junior Achievement of Chicago and a former member of the Civic Committee of the Commercial Club of Chicago. He is a member of The Economic Club of Chicago, the American Bar Association, and the Wisconsin Bar Association.
He earned a bachelor's degree in political science and master's degree in business administration from Northwestern University. He also holds a juris doctorate from the University of Wisconsin Law School.

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