8-KLeadership Changes

ABBOTT LABORATORIES 8-K Report, Executive Changes (Jan 8, 2020)

Filed January 8, 2020For Securities:ABT

Summary

Abbott Laboratories (ABT) has announced a significant leadership transition in its finance department. Effective February 29, 2020, Brian B. Yoor will retire as Executive Vice President, Finance and Chief Financial Officer. This change marks the end of Mr. Yoor's tenure, and the company has already appointed his successor. Robert E. Funck, Jr., a long-tenured employee with extensive experience within Abbott, has been appointed as the new Executive Vice President, Finance and Chief Financial Officer, effective March 1, 2020. Mr. Funck's comprehensive background, including roles in finance, controller, ethics and compliance, internal audit, and treasurer, positions him to seamlessly transition into this critical executive role. Investors can anticipate continuity in financial oversight and strategy under Mr. Funck's leadership.

Key Highlights

  • 1Brian B. Yoor, Executive Vice President, Finance and Chief Financial Officer, to retire effective February 29, 2020.
  • 2Robert E. Funck, Jr. appointed as the new Executive Vice President, Finance and Chief Financial Officer, effective March 1, 2020.
  • 3Mr. Funck, 58, has a long-standing career at Abbott, having joined in 1987 and becoming a corporate officer in 2005.
  • 4Mr. Funck has held various senior finance and leadership roles including Senior Vice President, Finance and Controller (since 2018) and Vice President, Controller (2013-2018).
  • 5His prior experience also includes roles in Ethics & Compliance, Internal Audit, and Treasurer.
  • 6Mr. Funck will receive compensation in line with Abbott's executive compensation plans, as detailed in the company's proxy statement.

Frequently Asked Questions

Brian B. Yoor is retiring as the Executive Vice President, Finance and Chief Financial Officer, effective February 29, 2020. The filing states this is a retirement.

Robert E. Funck, Jr. has been appointed as the new Executive Vice President, Finance and Chief Financial Officer, effective March 1, 2020.

Robert E. Funck, Jr. has an extensive history with Abbott, joining in 1987 and becoming a corporate officer in 2005. He has held several key positions, including Senior Vice President, Finance and Controller since 2018, and previously served as Vice President, Controller, Vice President, Chief Ethics and Compliance Officer, Vice President, Internal Audit, and Vice President and Treasurer.

Mr. Funck will receive compensation through Abbott's standard executive plans, which include base salary, annual incentive, long-term incentive, and other typical executive benefits. Further details are available in Abbott's proxy statement filed on March 15, 2019.