John Stratton
ABBOTT LABORATORIESAbout John G. Stratton
Independent director of Abbott Laboratories since 2017 (age 64). Stratton is Executive Chairman of Frontier Communications Parent, Inc. and a former senior executive at Verizon (COO/EVP Verizon Wireless; President Verizon Enterprise Solutions; EVP roles across operations and wireline). He has served on U.S. government telecom advisory bodies (NSTAC) and the CTIA board, and currently sits on the boards of Frontier Communications and General Dynamics, bringing regulated-industry, strategy, and risk oversight experience. Abbott’s Board has affirmatively determined his independence under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Verizon Wireless | Chief Operating Officer and EVP | 2010–2012 | Led large-scale operations in a highly regulated telecom; operational and risk management expertise |
| Verizon Enterprise Solutions | President | 2012–2014 | Enterprise strategy and customer operations experience, applicable to cybersecurity/data risk oversight |
| Verizon Communications | EVP & President, Global Enterprise & Consumer Wireline | 2014–2015 | Governance of complex wireline businesses; oversight of financial/operational controls |
| Verizon Communications | EVP & President, Global Operations | 2015–2018 | End-to-end global operations leadership; supply-chain and infrastructure oversight |
| National Security Telecommunications Advisory Committee (NSTAC) | Member | 2012–2018 | Government perspective on cyber and critical infrastructure risk |
| CTIA | Director | 2015–2018 | Industry policy and technology trends exposure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Frontier Communications Parent, Inc. | Executive Chairman | Since Apr 2021 | Board leadership in telecom; strategy/execution in regulated markets |
| Frontier Communications Parent, Inc. | Director | Current | Corporate governance insight from chair-level role |
| General Dynamics Corporation | Director | Current | Defense industry oversight; government contracting and compliance perspective |
Board Governance
- Committee assignments: Audit Committee member; Nominations & Governance Committee Chair; Executive Committee member .
- Independence and conflicts: Board determined Stratton is independent under NYSE standards, considering any sales/purchases with entities connected to directors; no relationships impaired independence . Abbott prohibits directors from serving on competitor boards and requires prior notice for new public boards to assess conflicts/time commitments .
- Engagement and attendance: Board met 8 times in 2024; average director attendance 99%, with each director ≥75%; all directors attended the annual meeting. Committee meetings held in 2024: Audit 7, Compensation 3, Nominations & Governance 4, Public Policy 4, Executive 0 .
- Oversight effectiveness: Audit Committee covers accounting/internal controls, financial reporting, and enterprise cybersecurity/information security risks; Nominations & Governance oversees board composition/refresh, governance guidelines, and succession; Executive Committee may exercise Board authority except where prohibited by law . Independent directors hold executive sessions at each regular Board meeting, led by the Lead Independent Director .
Fixed Compensation (Director, 2024)
| Component | Amount |
|---|---|
| Fees Earned or Paid in Cash | $147,000 |
| Stock Awards (Annual RSUs; 1,866 units granted in 2024) | $199,892 |
| Option Awards | $0 |
| Change in Pension Value/Deferred Comp Earnings | $0 |
| All Other Compensation (charitable match) | $0 |
| Total | $346,892 |
- Fee structure: Base director fee $10,500/month; Audit Committee member +$500/month; Nominations & Governance Committee chair +$1,250/month (increasing to $2,083.33/month effective May 1, 2025) .
- RSUs mechanics: Director RSUs valued at $200,000 (to increase to $210,000 at 2025 annual meeting); cash dividends paid; delivers one share per RSU upon retirement/termination/change in control .
Performance Compensation
| Performance-linked Elements for Directors | Disclosure |
|---|---|
| Annual/Long-term performance metrics tied to director pay | None; non-employee director pay consists of fixed cash fees and time-based RSUs; options may be elected in lieu of cash fees |
Directors do not receive performance-conditioned equity; RSUs are time-based and deliver shares upon board departure; some directors elect options in lieu of cash, but Stratton did not in 2024 .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Exposure |
|---|---|---|
| Frontier Communications Parent, Inc. | Executive Chairman/Director | Telecom services; no disclosed related-party transactions with Abbott; independence affirmed despite sales/purchases across entities connected to directors |
| General Dynamics Corporation | Director | Defense contractor; potential government/public policy insights; no disclosed related-party transactions; independence affirmed |
- Governance policies mitigate interlock risk: Related-person transactions over $120,000 require N&G Committee review/approval; none disclosed for Stratton. The only disclosed related-person case in 2024 involved a director’s family member (not Stratton) .
Expertise & Qualifications
- Extensive global operations leadership in regulated telecom; strategy, risk management, cybersecurity/data protection experience; government advisory experience via NSTAC .
- Brings corporate strategy and risk oversight expertise aligned with Abbott’s diversified operating model and governance needs .
Equity Ownership
| Item | Amount/Status |
|---|---|
| Shares Beneficially Owned (as of Jan 31, 2025) | 17,398 |
| Stock Equivalent Units (Director Fee Plan) | 11,650 |
| Restricted Stock Units Outstanding (Dec 31, 2024) | 13,943 |
| Options Exercisable within 60 Days | 0 |
| Ownership % of Shares Outstanding | <1% (no director >1%; directors/executives as a group <1%) |
| Hedging/Pledging | Prohibited; none of directors/officers have pledged shares |
| Director Ownership Guidelines | Must own ≥5× annual director fees within 5 years; Stratton (≥5-year tenure) meets/exceeds |
Governance Assessment
- Strengths: Independent status; chair of Nominations & Governance (gatekeeper for board refresh, governance guidelines, succession planning); member of Audit (financial reporting, internal control, cybersecurity oversight); strong attendance culture; robust policies prohibiting hedging/pledging and enforcing director ownership guidelines .
- Alignment: 2024 pay mix is balanced (cash fees plus time-based RSUs), with explicit ownership requirements (≥5× fees) and dividends on RSUs; no performance-conditioned pay for directors, standard in market; Stratton did not elect options in lieu of cash, reducing potential volatility/complexity .
- Conflicts: Holds chair role at Frontier and director at General Dynamics; Abbott governance screens for conflicts and restricts competitor boards; independence reaffirmed after considering commercial relationships; related-party transaction oversight active—no Stratton ties disclosed .
- Attendance/Commitment signal: Board met 8 times; average attendance 99%; committee workload moderate; Executive Committee did not meet in 2024, but Stratton’s chair/member roles indicate meaningful engagement in governance processes .
RED FLAGS
- None disclosed for Stratton: no related-party transactions, no hedging/pledging, independence affirmed by Board. Ongoing monitoring warranted given multiple external leadership roles to ensure sustained attendance and engagement (Abbott’s guidelines and annual peer evaluations address this) .