8-KLeadership Changes

AbbVie Inc. 8-K Report, Executive Changes (Oct 19, 2018)

Filed October 19, 2018For Securities:ABBV

Summary

AbbVie Inc. (ABBV) announced a significant leadership transition within its finance department via an 8-K filing on October 19, 2018. The current Executive Vice President and Chief Financial Officer, William J. Chase, has announced his intention to retire in mid-2019. To ensure a smooth handover, Mr. Chase will transition to a new role as Executive Vice President, Finance and Administration, effective October 19, 2018, continuing to report to himself in this interim period. Concurrently, Robert A. Michael has been appointed as the new Senior Vice President and Chief Financial Officer, also effective October 19, 2018. Mr. Michael brings extensive experience within AbbVie, having previously served as Vice President, Controller, and holding various treasurer and controller roles since joining the company (and its predecessor Abbott Laboratories) in 1993. Brian L. Durkin has been appointed as the new Vice President, Controller. These changes are designed to maintain financial stability and operational continuity during this executive transition.

Key Highlights

  • 1William J. Chase, current CFO, plans to retire in mid-2019.
  • 2Effective October 19, 2018, Mr. Chase assumes the role of Executive Vice President, Finance and Administration.
  • 3Robert A. Michael is appointed as the new Senior Vice President, Chief Financial Officer, effective October 19, 2018.
  • 4Mr. Michael has a long tenure with AbbVie and its predecessor, Abbott Laboratories, since 1993.
  • 5Brian L. Durkin is appointed as the new Vice President, Controller, effective October 19, 2018.
  • 6The company is implementing a structured leadership transition to ensure continuity in financial operations.

Frequently Asked Questions

William J. Chase has informed AbbVie of his intention to retire from the company in mid-2019. His transition to Executive Vice President, Finance and Administration is part of a planned leadership change to ensure a smooth handover of his CFO responsibilities.

Robert A. Michael has been appointed as the new Senior Vice President, Chief Financial Officer. He has a strong background within AbbVie, having served as Vice President, Controller since March 2017, and holding previous roles as Vice President, Treasurer and Vice President, Controller, Commercial Operations. He joined Abbott Laboratories in 1993 and has held numerous finance positions.

The filing indicates a planned and structured transition. Mr. Chase will continue to be involved in finance and administration, albeit in a different capacity, and will report to himself during this interim period, ensuring continuity. The appointment of experienced individuals like Robert A. Michael and Brian L. Durkin suggests that the company is focused on maintaining stability and operational effectiveness in its financial functions.

The changes in executive roles, including Mr. Chase's transition, Mr. Michael's appointment as CFO, and Mr. Durkin's appointment as Controller, are all effective as of October 19, 2018.