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Abbott Laboratories

AbbVie CEO Richard Gonzalez Receives $25.7 Million Compensation Package in Final Year

Richard Gonzalez, the outgoing CEO of AbbVie, received a compensation package worth $25.7 million in 2023, marking his final full year as the company’s CEO. Despite facing criticism for pricing strategies and patent barriers surrounding Humira, AbbVie has seen substantial growth under Gonzalez’s leadership. AbbVie achieved its highest closing stock price in history in 2023, reaching $181.20, and the company’s market cap has soared from $54 billion to its current $316 billion over the course of Gonzalez’s 12-year tenure. While Humira’s sales declined, AbbVie’s follow-on treatments Skyrizi and Rinvoq experienced significant revenue growth, with sales totaling $11.8 billion in 2023. Gonzalez’s total pay of $25.7 million in 2023 represented a slight decline from his earnings in the previous year, with his equity awards totaling $17.1 million. As AbbVie prepares for a leadership transition, Gonzalez’s significant contributions to the company’s growth and strategic direction will undoubtedly leave a lasting impact on the biopharmaceutical industry.

AbbVie Appoints Robert Michael as New CEO, Succeeding Richard Gonzalez

AbbVie, a leading pharmaceutical company, has appointed Robert Michael as its new CEO, succeeding Richard Gonzalez. The leadership change comes as AbbVie navigates biosimilar competition and focuses on the potential of newer immunology drugs. Michael’s extensive experience within AbbVie positions him well for the CEO role, reflecting the company’s commitment to sustaining its position as a leading player in the pharmaceutical landscape.