Robert Parkinson Jr., a former president and chief operating officer at Abbott Laboratories, has been elected chairman and CEO of troubled Baxter International. Parkinson, 53, succeeds Harry Kraemer Jr., who resigned in January amidst an underwhelming financial performance by the blood therapy, vaccine and IV delivery systems manufacturer. Since 2002, Parkinson has served as dean of Loyola University Chicago's School of Business Administration and its Graduate School of Business. Prior to that, he held a variety of management positions during a 25-year tenure at Abbott, and was named its COO and president in 1999. Parkinson will assume the new post on April 26. Baxter has been reeling from sluggish sales, particularly in its biosciences division. Last summer, the company significantly reduced its plasma business and announced plans to cut nearly 6% of its workforce. In 2003, Baxter suffered an 11% decline in income, reporting net income of $881 million on $8.9 billion in net revenue. -- by Cinda Becker
Baxter names former Abbott Labs exec as CEO
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