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AbbVie CEO Richard Gonzalez received a $24 million pay package

By Nithya Bose in Business News, posted April 3, 2022

Biopharmaceutical company Abbvie has awarded CEO and Chairman Rick Gonzalez with a $23.9 million compensation package.

AbbVie has accomplished a remarkable feat the previous year with an increase in income by 23 percent, without the assistance of a significant COVID-19 product.

Gonzalez has been in charge of AbbVie since it was carved out of Abbott Laboratories in 2013, where he also served as CEO.

The 68-year-old man is one of the industry's longest-tenured and highest-paid CEOs.

He was ranked fifth on the industry's CEO pay list in 2020, earning $24 million.

While Gonzalez's pay and equity awards increased from $1.69 million to $1.7 million and $14.4 million to $15.7 million respectively in 2021.

But in the same year, his pension value decreased from $2.2 million to $781,000.

The company explained that the changes in pension values were “attributable to changes in actuarial assumptions (primarily discount rate and mortality tables) and other factors based on plan design (primarily pay, service and age).”

Matching last year’s compensation for its executives would have been a hard job for AbbVie, given some of the substantial pay raises the company granted in 2020.

Source: Fierce Pharma

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