Richard Gonzalez, AbbVie's founding CEO, will retire from the role and become executive chairman of the board of directors, announced AbbVie.
AbbVie's board has unanimously selected Robert Michael, the company's current president and COO, to succeed Gonzalez. The change will take effect on July 1, 2024. Michael, like Gonzalez, was with Abbott prior to the company splitting in two to form AbbVie in 2013, serving in various leadership roles.
Gonzalez, who was one of the highest-paid CEOs in pharma, was responsible for navigating the company through the loss of patent exclusivity for Humira, the world’s best-selling drug. Now that the drug faces biosimilar competition, Gonzalez is ready to pass the baton.
"The company has been planning for the eventual succession for a long time and has been thoughtful and deliberate to ensure the right plan was in place for a potential successor. The board conducted a thorough process to identify the right leader for AbbVie's next chapter," said Glenn Tilton, lead independent director on AbbVie's board of directors.