AbbVie’s CEO Announces Retirement, To Be Succeeded by Robert A. Michael

stock.adobe.com

Robert A. Michael will become CEO of AbbVie starting on July 1, 2024.

The current CEO, Richard A. Gonzalez, will step down on that same date, according to a press release.¹ According to the company, there will be a seamless transition from the departing leader to the new one.

In a press release, Michael said, “I am honored to assume the CEO role for AbbVie, and I am excited about our company's bright future. Rick has been a tremendous leader for AbbVie and mentor to me personally. His legacy at AbbVie will be felt for years to come. I would like to thank the board for expressing its confidence in me, and I look forward to working with Rick and the entire board to deliver results for our patients, our employees, our shareholders and our communities."

Michael is currently serving as COO of AbbVie. He has been with the company since it was formed in 2013, and prior to that he worked at Abbott (the company from which AbbVie separated from in 2013).

After retiring from his role as CEO, Gonzalez will take up a new role as executive chairman of the board of directors. Gonzalez has served as CEO since the company was formed in 2013. According to him, the business is performing well and the pipeline is in strong shape. Due to these factors, he believes that the business is in a good position to transition to a new leadership team.

"The AbbVie board recognizes that CEO succession planning is one of our most important responsibilities," said Glenn Tilton, lead independent director, AbbVie's board of directors. "The company has been planning for the eventual succession for a long time and has been thoughtful and deliberate to ensure the right plan was in place for a potential successor. The board conducted a thorough process to identify the right leader for AbbVie's next chapter. It is a testament to the strength and depth of AbbVie's management team that we have the ideal internal candidate in Rob to assume the CEO position. The board has the highest confidence in Rob and looks forward to working with him to create meaningful value for our shareholders and all our stakeholders."

According to the company’s press release, Gonzalez led the company from its initial market capitalization of $54 billion in 2013 to its current value of over $300 billion. The company has over 50,000 employees and its medicines are sold in more than 175 countries.

"On behalf of AbbVie's board, I am extremely excited that Rob has agreed to serve as AbbVie's next CEO," said Gonzalez. "As a key member of the Executive Leadership Team, he has had a tremendous impact on AbbVie. From establishing our financial planning organization, to the development of our diversified business strategy, to successfully navigating the end of exclusivity for Humira in the U.S., Rob has been integral to AbbVie's impact since inception. Rob has also played an important role in key business development opportunities that have been critical to delivering on our long-term growth strategy, including the acquisitions of Allergan and ImmunoGen and the pending Cerevel Therapeutics transaction. I have known and worked with Rob for many years, and he has the experience, leadership capabilities and strategic vision to accelerate AbbVie's success well into the future."

Source

1. AbbVie Announces Appointment of Robert A. Michael as Chief Executive Officer. AbbVie. February 20, 2024. Accessed February 21, 2024. https://www.prnewswire.com/news-releases/abbvie-announces-appointment-of-robert-a-michael-as-chief-executive-officer-302066116.html