AbbVie Appoints CEO Robert A. Michael as Chairman of the Board of Directors
Rhea-AI Summary
AbbVie (NYSE: ABBV) announced that CEO Robert A. Michael will assume the additional position of chairman, effective July 1, 2025, following the retirement of current chairman Richard A. Gonzalez. The board of directors unanimously elected Michael to the position, with lead independent director Roxanne S. Austin expressing complete confidence in his leadership.
Gonzalez, who has served as chairman since AbbVie's formation in 2013 and was formerly the company's CEO, will retire from the board. Additionally, Glenn F. Tilton, who served as lead independent director from 2013 to 2024, will also retire from AbbVie's board effective July 1, 2025.
Positive
- Smooth leadership transition with unanimous board support
- Consolidation of CEO and chairman roles under single leadership
- Continuity in leadership with internal succession
Negative
- Loss of experienced chairman Gonzalez after 12-year tenure
- Simultaneous departure of two senior board members (Gonzalez and Tilton)
News Market Reaction – ABBV
In the trading session that priced this news, ABBV declined 0.30%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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- Richard A.
Gonzalez to retire from the board of directors effective July 1, 2025
"I want to extend my heartfelt gratitude to Rick for his remarkable leadership and dedicated service," said Roxanne S. Austin, lead independent director. "The board and I have complete confidence in Rob, and we are fortunate to have him assume the role of chairman. Rob is a visionary leader who operates with integrity and a steadfast commitment to AbbVie, its people, patients and shareholders. He is the right leader to guide this company into its next phase of growth."
"I am honored to take on the role of chairman," said Robert A. Michael, chief executive officer. "On behalf of our employees around the world, I extend my sincere gratitude to Rick for his exceptional leadership over the past 12 years. I look forward to partnering with the board to build on AbbVie's track record of success and to make a remarkable impact for our patients, employees, shareholders and communities."
"I am deeply grateful to the board for their strategic vision and support over the past 12 years," said Richard A.
In addition, Glenn F.
About Robert A. Michael
Mr. Michael is AbbVie's chief executive officer (CEO). Prior to being named CEO, Mr. Michael was president and chief operating officer of AbbVie and has been a longstanding member of the Company's Executive Leadership Team. From establishing AbbVie's first financial planning organization, to developing its diversified business strategy, to successfully navigating the end of exclusivity for Humira in the
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X (formerly Twitter), and YouTube.
AbbVie Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2023 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Media: Jackie Pacelli (224) 358-8128 jaquelin.pacelli@abbvie.com | Investors: Liz Shea (847) 935-2211 liz.shea@abbvie.com |
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SOURCE AbbVie