AbbVie Inc (NYSE: ABBV) said on Tuesday that its Board of Directors had appointed Robert A. Michael, the company’s current President and Chief Operating Officer, to the role of Chief Executive Officer.
Michael is to succeed Richard A. Gonzalez, who has been CEO since the company’s foundation in 2013.
Gonzalez will become Executive Chairman of the Board of Directors, effective July 1st.
Michael has also been appointed as a member of the Board, effective July 1st.
”On behalf of AbbVie’s board, I am extremely excited that Rob has agreed to serve as AbbVie’s next CEO. As a key member of the Executive Leadership Team, he has had a tremendous impact on AbbVie. From establishing our financial planning organization, to the development of our diversified business strategy, to successfully navigating the end of exclusivity for Humira in the U.S., Rob has been integral to AbbVie’s impact since inception,” Richard A. Gonzalez said in a press release.
“Rob has also played an important role in key business development opportunities that have been critical to delivering on our long-term growth strategy, including the acquisitions of Allergan and ImmunoGen and the pending Cerevel Therapeutics transaction. I have known and worked with Rob for many years, and he has the experience, leadership capabilities and strategic vision to accelerate AbbVie’s success well into the future,” Gonzalez said.
”The business is performing very well and is in a strong position for the long term. Our pipeline contains multiple promising candidates to sustain our future strong growth. It has been a privilege and immensely gratifying to serve with all my AbbVie colleagues for the past 11 years growing AbbVie into what it is today, and I look forward to continuing to work with Rob as executive chairman of the board,” Gonzalez added.
Stock Performance
The shares of AbbVie Inc (ABBV) closed 0.98% ($1.74) lower at $175.75 in New York on Tuesday. Last Friday, the stock rose as high as $178.92 – a fresh all-time high.
The company’s total market cap now stands at $310.294 billion.
The shares of AbbVie Inc (ABBV) went down 4.11% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 13.41% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 12 out of 18 surveyed investment analysts had rated AbbVie Inc’s stock as “Buy”, while 6 – as “Hold”. The median price target on the stock stands at $179.00, which translates into a 1.85% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $200.00.
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