Daniel Starks
ABBOTT LABORATORIESAbout Daniel J. Starks
Independent director at Abbott Laboratories since 2017; age 70. Retired Chairman, President and CEO of St. Jude Medical, Inc., bringing deep medical device industry and public-company operating experience in highly regulated markets. Serves as Chair of the Compensation Committee and member of the Public Policy and Executive Committees; the Board deems him independent under NYSE standards. Abbott reports strong attendance overall (99% average), with each director meeting at least the 75% threshold and all directors attending the 2024 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| St. Jude Medical, Inc. | Executive Chairman | Jan 2016–Jan 2017 | Oversaw company until Abbott completed acquisition; medical device leadership in regulated industry. |
| St. Jude Medical, Inc. | Chairman, President & CEO | 2004–Jan 2016 | Led global public company; extensive operations and strategy experience. |
| St. Jude Medical, Inc. | President & COO | 2001–2004 | Senior operating leadership. |
| St. Jude Medical, Inc. | President & CEO, Cardiac Rhythm Management Business | 1997–2001 | Segment leadership in cardiac devices. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| None disclosed in proxy for Mr. Starks | — | — | No current public company boards listed for Mr. Starks. |
Board Governance
- Committee assignments (2025 slate): Compensation Committee Chair; member, Public Policy; member, Executive.
- Independence: Board determined Mr. Starks and 10 other nominees are independent under NYSE listing standards; no material relationships impairing independence.
- Meeting cadence and attendance: Board held 8 meetings in 2024; average attendance 99%; each director attended ≥75% of Board and committee meetings; all directors attended the 2024 annual shareholders meeting.
- Committee meeting counts (2024): Compensation 3; Public Policy 4; Executive 0; Audit 7; Nominations & Governance 4.
- Compensation Committee practices under his chairmanship: uses independent consultant (Meridian) that performed no other work for Abbott; annual peer group reviews; recoupment/clawback policies; hedging/pledging prohibitions.
Fixed Compensation
| Component | Structure/Policy | 2024 Amounts for D. J. Starks |
|---|---|---|
| Annual director retainer (cash) | $10,500 per month; may elect options in lieu of cash via Fee Plan | $0 cash reported (elected options in lieu of cash) |
| Committee chair fee | Compensation Chair: $2,083.33 per month | Included via option grants in lieu of cash (see Option Awards) |
| Meeting fees | Not disclosed (monthly fee structure used) | — |
| Audit Committee member fee | $500 per month for Audit Committee members (not applicable to Starks) | — |
| Equity retainer (RSUs) | Annual RSUs of $200,000 (rounded down); 1,866 units in 2024 | $199,892 grant-date fair value; 1,866 units |
| Option awards (in lieu of cash fees) | Fully vested on grant; Black-Scholes value shown | $151,000 grant-date fair value |
| All other compensation | Charitable matching up to $25,000 annually | $0 for Starks in 2024 |
Performance Compensation
- Abbott does not tie non‑employee director pay to performance metrics (director equity retainer vests as RSUs; options may be elected in lieu of cash fees). No performance metric table is disclosed for directors.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed for Mr. Starks. |
| Interlocks/potential conflicts | Board independence review considered relationships with entities to which Abbott sells or buys; concluded no impairing relationships for independent nominees. Starks’ prior leadership at St. Jude Medical (acquired by Abbott) is disclosed; independence affirmed. |
| Related‑party transactions | Nominations & Governance Committee oversees related‑person transactions ≥$120,000; 2024 disclosure concerned another director (Blount); no Starks‑related transactions disclosed. |
Expertise & Qualifications
- Comprehensive medical device industry knowledge; global public‑company leadership in a highly regulated industry.
- Compensation governance experience as Compensation Committee Chair, including oversight of peer benchmarking, clawback/recoupment, and ownership policies.
- Engagement in oversight areas covered by Public Policy Committee (regulatory compliance, product quality, cybersecurity, sustainability).
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Shares beneficially owned | 6,727,440 | As of Jan 31, 2025. |
| Options exercisable within 60 days | 13,413 | As of Jan 31, 2025. |
| Options outstanding (12/31/2024) | 13,413 | Outstanding director options under Fee Plan. |
| RSUs outstanding (director) | 17,380 | Restricted stock units outstanding at 12/31/2024. |
| Ownership guidelines | 5× annual director fees required within 5 years; all directors with ≥5 years meet/exceed | Starks meets/exceeds (director since 2017). |
| Pledging/hedging | Prohibited; none of the directors or executive officers have pledged shares | Policy prohibits hedging and pledging; none pledged. |
Governance Assessment
- Chair, Compensation Committee: Meridian (independent) advises; practices include market‑based pay, performance alignment for executives, double‑trigger change‑in‑control benefits for officers, capped incentives, and robust clawback/recoupment—signals disciplined pay governance under Starks’ leadership.
- Shareholder support: Say‑on‑pay averaged 91% over past five years, indicating investor confidence in compensation oversight.
- Alignment: Very large personal shareholding (6.7M shares) plus election to receive options in lieu of cash director fees indicate strong equity alignment and risk‑sharing.
- Independence and attendance: Board confirms independence; strong attendance culture (99% average; all directors at annual meeting).
- Risk controls: Formal hedging/pledging prohibitions, Dodd‑Frank compliant clawback, broad recoupment discretion, and ownership guidelines reduce misalignment risk.
RED FLAGS
- None disclosed for Mr. Starks: no related‑party transactions, no pledging/hedging, independence affirmed, high attendance, and strong say‑on‑pay results.