Abbott CEO Miles White to step down next year

(Reuters) – Abbott Laboratories Chief Executive Officer Miles White will step down next year after leading the healthcare conglomerate for more than two decades.

White, who will remain the executive chairman, will be succeeded by Chief Operating Officer Robert Ford, the company said on Wednesday.

White, 64, was instrumental in Abbott’s acquisitions of rivals St. Jude Medical and Alere, as well as the separation of Abbott’s pharmaceutical arm into AbbVie Inc .

Abbott’s shares have gained more than four-fold during White’s tenure.

Ford was named the chief operating officer last year as part of a succession plan and has been with the company for 23 years.

(Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)