AbbVie Appoints Robert A. Michael as New CEO

By Bobby Samwell • Tuesday, February 20 10:50 • Permanent Link

AbbVie (NYSE: ABBV), a leading global biopharmaceutical company, has announced the appointment of Robert A. Michael as its new Chief Executive Officer. This decision comes as the current CEO, Richard A. Gonzalez, prepares to retire from the role and transition to the position of Executive Chairman of the Board of Directors, effective July 1, 2024.

Richard A. Gonzalez, Chairman and Chief Executive Officer of AbbVie, expressed his confidence in Michael, stating, "As a key member of the executive leadership team, he has had a tremendous impact on AbbVie. Rob has the experience, leadership capabilities, and strategic vision to accelerate AbbVie’s success well into the future."

Gonzalez also commented on the company's performance and future outlook, saying, "The business is performing very well and is in a strong position for the long term. Our pipeline contains multiple promising candidates to sustain our future strong growth."

Glenn Tilton, Lead Independent Director of AbbVie’s Board of Directors, emphasized the importance of the succession planning, stating, "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."

Robert A. Michael, the incoming CEO, expressed his honor and excitement about the company's future, stating, "I am honored to assume the CEO role for AbbVie, and I am excited about our company’s bright future."

Michael, who currently serves as President and Chief Operating Officer of AbbVie, has been with the company since its separation from Abbott in 2013. He has held various leadership roles across multiple business areas, including pharmaceuticals, aesthetics, diagnostics, diabetes care, and nutrition.

Regarding the outgoing CEO, Richard A. Gonzalez, he has led AbbVie since its inception in 2013 and has been credited with significant achievements during his tenure, including substantial growth in market capitalization, revenue, and employee base.

The company's shares have moved 0.3% following the announcement and are now trading at a price of $178.11.

The full 8-K submission from AbbVie is available here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.