Not bad, eh? The stock rose about 15 percent last year, so perhaps shareholders may shrug this off. Still, that does seem a bit steep, does it not? In any event, the Abbott ceo received compensation valued at nearly $29 million last year, including a salary of $1.7 million and non-equity incentives worth $4 million, according to an Associated Press analysis.

The bulk of his compensation was in stock options and restricted stock that were valued at $22.1 million when granted in January, February and September of last year, an increase of 51 percent over similar stock compensation in 2006. Miles also received just over $1 million in other compensation, including $851,678 in pension plan-related payments and $103,292 for nonbusiness related flights on corporate aircraft, according to the proxy filed with the Securities and Exchange Commission.

The AP calculations of total pay include executives’ salary, bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the value of pension benefits, and they can differ from the totals companies list in the summary compensation table of proxy statements. Abbott put White’s 2007 compensation at $33.3 million.

White, 53, joined Abbott in 1984 and has been chief executive and chairman of the board since 1999. He has been transforming Abbott into a bigger drug maker through acquisitions and expanding its portfolio of medical treatments. The drug and device maker more than doubled profits last year to $3.6 billion on a 15 percent increase in revenue, thanks to strong drug sales worldwide. For the first time, international sales accounted for more than half of its revenue.

In its latest strategic move under White, Abbott and Takeda Pharmaceuticals are ending their joint venture in TAP Pharmaceutical after 31 years. The move gives Abbott sole rights to the blockbuster cancer drug Lupron while giving up the Prevacid proton pump inhibitor.

Source: The Associated Press