AbbVie’s New CEO Rob Michael Earns $18.5M in First Year as Humira Succession Plan Unfolds
Rob Michael took over as AbbVie CEO on July 1, 2024, succeeding Richard Gonzalez1.
Michael earned $18.5 million in total compensation in 2024, a $4 million increase from his 2023 pay as COO1.
The CEO transition occurred as AbbVie navigated Humira's loss of exclusivity in the U.S. market1.
Humira's 2023 U.S. patent expiration was a major event AbbVie had been preparing for over many years4.
AbbVie is relying on immunology drugs Skyrizi and Rinvoq to offset declining Humira sales4.
Skyrizi and Rinvoq combined sales reached $17.7 billion in 2024, showing strong growth1.
AbbVie's succession planning involved "many, many" discussions between Gonzalez and the board4.
The company aimed for a "successful and smooth" transition after getting through the Humira biosimilar entry4.
Michael played a key role in AbbVie's financial planning and strategy to navigate Humira's patent cliff15.
As part of the transition, Gonzalez became Executive Chairman of AbbVie's board of directors15.
Sources:
1. https://www.fiercepharma.com/pharma/humira-succession-plan-played-out-abbvies-rob-michael-collected-185m-his-first-year-ceo
4. https://www.fiercepharma.com/pharma/longtime-abbvie-head-richard-gonzalez-teases-succession-plans-after-getting-through-upcoming
15. https://news.abbvie.com/2024-02-20-AbbVie-Announces-Appointment-of-Robert-A-Michael-as-Chief-Executive-Officer