Name: Philip Boudreau
New title: CFO of Abbott Laboratories
Previous title: Vice president and controller of Abbott Laboratories
Boudreau will be promoted to CFO of the Chicago-based maker of medical devices, diagnostics and nutrition products. He will start the new role on Sept. 1, as outgoing CFO Robert Funck becomes Abbott’s executive vice president of finance.
Abbott has used a similar leadership structure in the past, before former CFO Tom Freyman retired in 2017, J.P. Morgan analyst Robbie Marcus wrote in a research note on Monday.
“With Mr. Boudreau’s 20+ years of experience at Abbott in various commercial and financial roles and Mr. Funck to remain in a leadership position at the company, we see this as a natural transition,” Marcus wrote.
Boudreau has worked for Abbott since 1997, holding roles including divisional vice president of medical devices and point of care diagnostics, and most recently working as controller of the company. Abbott’s 2022 revenue was $43.7 billion.
As CFO, Boudreau’s base salary will be $600,000, with an annual bonus opportunity of 90% of his salary.
John McCoy Jr., Abbott's current treasurer, will be named the company’s new controller. McCoy has worked with the company since 2017.
