Abbott's China Executive Changes

Recently, according to the internal announcement of Abbott Healthcare, the general manager of Abbott Electrophysiology China will be adjusted, and Liu Bei (Laura), the former senior director of Valve Therapeutics Business Unit of Edwards China, will take up this position from July 20th.

Laura holds a Bachelor's Degree from Nankai University and a Master's Degree in Business Administration from Michigan State University. Laura has been in the healthcare industry since 2006, working for Johnson & Johnson Orthopaedics and Poco Respiratory business for many years, and then also worked for B-One, an orthopaedic Startup company, as Vice President of Global Marketing and China Sales until 2018 when she rejoined MNC to lead Edward's Surgical Valve business.

At the same time, Chen Lan (Laurie), formerly General Manager of Electro-Physiology China, will continue to focus on many of the key strategic initiatives in China and the Asia Pacific region as Senior Director of Business Development for Asia Pacific, working closely with Laura in the close cooperation and handover of a number of challenges such as VBP.

Laurie has been deeply involved in the electrophysiology field in China for a long time. After many years at Johnson & Johnson Medical, she joined St. Jude in 2012 as EP business leader, and then merged with St. Jude into Abbott, where she led the development of Abbott's electrophysiology region in China for the past 12 years and laid a solid foundation for future growth.

The CFO was replaced and the executive team was reorganized

It is worth noting that not only China, Abbott headquarters leadership is also synchronized to experience a major adjustment.

On June 12, according to Wall Street News reports, Abbott's executive team is ushering in a new wave of reorganization, involving positions including chief financial officer, executive vice president of finance, chief financial officer and so on.

Philip Boudreau, the new chief financial officer (CFO), will officially take office as of Sept. 1 this year, marking another change in the position after 2017 and 2020, the news said.

In addition to the simple job transfer, Abbott has also restructured its leadership structure. Details of the reorganization are below:

l  Name: Philip Boudreau

New title: Senior Vice President, Finance and Chief Financial Officer, Abbott (continues to report to Funck)

Previous position: Vice President and Chief Financial Officer, Abbott (appointed in 2020)

Description: Joined Abbott in 1997 and served as vice president and chief financial officer of the Medical Devices division from 2017 to 2020 and vice president, chief financial officer and commercial support of the Immediate Diagnostics division from 2012 to 2017. Also held various finance positions in Abbott's Diagnostics, Diabetes and Nutrition businesses.

Base Salary: $600,000 and his target annual bonus opportunity is 90% of base salary.

l  Name: Robert Funck

New title: Executive Vice President, Finance, Abbott

Previous position: Abbott's Chief Financial Officer (appointed March 2020)

Description: Joined Abbott in 1987 and since then has held several financial management positions, including vice president, controller; vice president, internal audit; vice president, controller; and vice president and controller of Abbott's Pharmaceuticals business unit.

l  Name: John McCoy Jr.

New Title: Abbott Treasurer

Previous position: Abbott Treasurer

Description: Joined Abbott in 2017