Summary by Moomoo AI
AbbVie Inc. has announced significant changes in its executive leadership, with Robert A. Michael set to take over as Chief Executive Officer from Richard A. Gonzalez on July 1, 2024. The transition was reported in a Form 8-K filed on February 20, 2024. Michael, who will also join the Board as a Class II director, will receive an annual base salary of $1.7 million, with the potential for a 150% bonus based on performance targets. Gonzalez will assume the role of Executive Chairman with an annual salary of $1.5 million. Additionally, at AbbVie's 2024 Annual Meeting of Stockholders on May 3, 2024, Class III directors were elected, Ernst & Young LLP was ratified as the independent accounting firm, and executive compensation was approved on an advisory basis. The company will hold future say on pay votes annually. However, proposals to eliminate supermajority voting, implement simple majority voting, and issue annual reports on lobbying and patent processes were not approved by stockholders.