AbbVie CEO Gonzalez to Step Down, Robert Michael named Successor in Seamless Transition

- Richard Gonzalez, who has served as AbbVie's CEO since its inception in 2013, will retire from the role on July 1, 2024.
- Robert Michael, currently AbbVie's President and Chief Operating Officer, will assume the position of CEO upon Gonzalez's departure.
- Gonzalez will remain involved as the company's Executive Chairman of the Board.
- The transition follows AbbVie's navigation of the loss of exclusivity for their flagship product, Humira, and aims to ensure continuity amidst the company's strategic shift towards a diverse product portfolio.
- Michael has a long history with both Abbott Laboratories and AbbVie, contributing significantly to the company's growth and leadership in various roles, including Vice President, Treasurer, Corporate Controller, and most recently as Chief Financial Officer and Chief Operating Officer.
- AbbVie's management is optimistic about the company's future growth prospects, highlighting the performance of newer drugs like Skyrizi and Rinvoq, which are projected to contribute to high single-digit growth rates from 2024 through 2029.

This planned succession reflects careful planning by AbbVie's board and leadership to maintain stability and continuity during a significant period of transformation for the company.