AbbVie has announced the appointment of a new chief executive officer. The drugmaker's board of directors has unanimously selected Robert Michael, the current President and Chief Operating Officer, to succeed Richard Gonzalez as CEO, effective July 1st.

Transition of Leadership

On the same day of Michael's appointment, Gonzalez will retire as CEO, and transition to the role of Executive Chairman of the board. Additionally, Michael will be appointed as a director, also effective July 1st.

Future Outlook

Gonzalez believes that now is the opportune time to pass the CEO role to Rob as the business is performing very well and is in a strong position for long-term success. The company's pipeline shows promise with multiple candidates projected to sustain future strong growth.

Stock Performance

After the announcement, AbbVie's stock edged 0.1% higher to $177.72 in early Tuesday trading, while the S&P 500 slipped 0.6%.

Recent Financial Results

Earlier this month, AbbVie exceeded revenue expectations for the fiscal fourth quarter and raised its long-term sales outlook for two major immunology drugs. However, revenue from Humira, used to treat certain inflammatory diseases, decreased due to increased competition.

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