AbbVie 8-K Details Officer Changes, Compensation, and Debt Structure

TL;DR

**AbbVie just dropped an 8-K on officer changes, compensation, and a bunch of senior notes due from 2024 to 2031.**

AI Summary

AbbVie Inc. filed an 8-K on February 20, 2024, reporting on events that occurred on February 14, 2024. The filing details information regarding the departure or election of directors or officers, compensatory arrangements, and Regulation FD disclosure. It also lists various senior notes with different interest rates and maturity dates, including 1.375% due 2024, 1.250% due 2024, and 0.750% due 2027, all traded on the NYSE.

Why It Matters

This filing provides transparency into AbbVie's corporate governance and financial structure, specifically regarding its leadership and outstanding debt obligations, which can influence investor confidence and future financial performance.

Risk Assessment

Risk Level: low — The filing primarily provides routine updates on corporate governance and existing debt, without indicating any immediate significant risks or changes to the company's operations.

Key Numbers

• 1.375% — Senior Notes Interest Rate (Due 2024)
• 1.250% — Senior Notes Interest Rate (Due 2024 and 2031)
• 0.750% — Senior Notes Interest Rate (Due 2027)
• 2.125% — Senior Notes Interest Rate (Due 2028 and 2029)
• 2.625% — Senior Notes Interest Rate (Due 2028)

Key Players & Entities

• AbbVie Inc. (company) — Filer of the 8-K
• NYSE (company) — Exchange for common stock and senior notes
• February 14, 2024 (date) — Conformed period of report
• February 20, 2024 (date) — Filed as of date
• 1.375% (dollar_amount) — Interest rate for senior notes due 2024
• 1.250% (dollar_amount) — Interest rate for senior notes due 2024 and 2031
• 0.750% (dollar_amount) — Interest rate for senior notes due 2027
• 2.125% (dollar_amount) — Interest rate for senior notes due 2028 and 2029
• 2.625% (dollar_amount) — Interest rate for senior notes due 2028

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value ABBV New York Stock Excha

Filing Documents

• tm246649d1_8k.htm (8-K) — 46KB
• tm246649d1_ex99-1.htm (EX-99.1) — 21KB
• 0001104659-24-025262.txt ( ) — 335KB
• abbv-20240214.xsd (EX-101.SCH) — 5KB
• abbv-20240214_def.xml (EX-101.DEF) — 30KB
• abbv-20240214_lab.xml (EX-101.LAB) — 41KB
• abbv-20240214_pre.xml (EX-101.PRE) — 29KB
• tm246649d1_8k_htm.xml (XML) — 14KB

02 Departure of Directors or Certain Officers; Election of

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On February 14, 2024, the Board of Directors (the "Board") of AbbVie Inc. (the "Company") unanimously selected Robert A. Michael to succeed Richard A. Gonzalez as the Company's Chief Executive Officer (CEO). Mr. Gonzalez, who has served as CEO since the company's formation in 2013, will retire from the role of CEO and become Executive Chairman of the Board of Directors, effective July 1, 2024. The Board also appointed Mr. Michael as a member of the Board of Directors as a Class II director, effective July 1, 2024. Mr. Michael is currently AbbVie's President and Chief Operating Officer. Mr. Michael previously served as Vice Chairman and President from June 2022 to July 2023, as Vice Chairman, Finance and Commercial Operations and Chief Financial Officer from June 2021 to June 2022, as Executive Vice President, Chief Financial Officer from 2019 to 2021, as Senior Vice President, Chief Financial Officer from 2018 to 2019 and as Vice President, Controller from 2017 to 2018. He served as AbbVie's Vice President, Treasurer from 2015 to 2016, as Vice President, Controller, Commercial Operations from 2013 to 2015 and as Vice President, Financial Planning and Analysis from 2012 to 2013. At Abbott, Mr. Michael served as Division Controller, Nutrition Supply Chain from 2010 to 2012. Mr. Michael joined Abbott in 1993 and was first appointed as an AbbVie corporate officer in March 2017. Mr. Michael will not receive any additional compensation for his service on the Board.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On February 20, 2024, the Company issued a press release announcing the appointment of Mr. Michael as Chief Executive Officer, effective July 1, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release issued by AbbVie Inc. on February 20, 2024. 104 Cover Page Interactive Date File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. ABBVIE INC. By: /s/ Perry C. Siatis Date: February 20, 2024 Name: Perry C. Siatis Title: Executive Vice President, General Counsel and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR