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Abbott rebukes CEO salary study | Wall Street Beat

Fri, 08/17/2012 - 3:45pm
Mass Device

Healthcare giant Abbott takes exception to a study depicting CEO Miles White's salary as larger than the company's tax contributions.

MassDevice.com Wall Street Beat

Abbott (NYSE:ABT) rebuked a new study including the healthcare giant in a list of 26 publicly traded companies who allegedly pay their CEOs more than they pay in taxes.

Abbott received a $586 million federal tax refund in 2011 and paid CEO Miles White $19 million, according to a study released by the Institute for Policy Studies, figures which an Abbott spokesman called "a blatant misrepresentation of the facts."

The company actually paid $700 million in taxes last year, spokesman Scott Stoffel told the Chicago Tribune, and the tax credit cited by the Institute for Policy Studies refer to a non-cash accounting adjustment.

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