North Chicago, Illinois - AbbVie (NYSE: ABBV) made a significant announcement today regarding its leadership succession plan. The board of directors of AbbVie has decided unanimously that Robert A. Michael, the current president and chief operating officer, will take over as the chief executive officer (CEO) of the company. Richard A. Gonzalez, who has been serving as the CEO since the company's formation in 2013, will transition to the role of executive chairman of the board of directors effective July 1, 2024.

This strategic move comes after a successful tenure under Mr. Gonzalez's leadership, during which AbbVie's market capitalization increased significantly, reaching more than $300 billion, and the revenue nearly tripled. Mr. Gonzalez expressed confidence in Mr. Michael's leadership capabilities, highlighting his integral role in crucial business developments and the company's growth strategy, which includes key acquisitions and navigating challenges such as the end of exclusivity for Humira in the U.S.

The board of directors and Mr. Gonzalez have been planning for a seamless CEO succession for some time, ensuring that the transition is well-timed and that AbbVie is in a strong position for the long term. The board expressed its highest confidence in Mr. Michael as the ideal internal candidate to assume the CEO position and lead AbbVie into its next chapter of growth and success.

Mr. Gonzalez will continue to contribute his experience, intellect, and integrity as executive chairman of the board, supporting Mr. Michael and the entire team. The board recognizes Mr. Gonzalez's remarkable leadership during his 11-year tenure, which saw AbbVie's significant growth in market valuation, annual patient base, R&D investments, and revenue.

In his new role as CEO, Mr. Michael expressed his honor and excitement about leading AbbVie towards a bright future. He acknowledged Mr. Gonzalez's mentorship and leadership and pledged to work towards delivering results for patients, employees, shareholders, and communities alike. The board and Mr. Gonzalez expressed gratitude for the dedication and commitment shown during his time as CEO, paving the way for a successful leadership transition.

The succession plan reflects AbbVie's commitment to ensuring continued growth and innovation under capable leadership. The company's mission to deliver innovative medicines and solutions for serious health issues remains at the forefront as it moves towards this new phase of leadership.