Company: ABBV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001558370-25-002603
Chunk: 12

Company: AbbVie Inc.
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 12
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 structure. At the time, the Board determined that having Mr. Gonzalez remain as Executive Chairman for a period of time would facilitate a smooth transition for the company. This period of transition has proven to be effective, with the company achieving one of its most successful years to-date. On February 14, 2025, AbbVie announced that both Mr. Gonzalez and Mr. Tilton will retire from the Board and that Mr. Michael will become Chairman of the Board, all effective July 1, 2025. Ms. Austin will remain the Lead Independent Director. The Board has determined that this leadership structure, in which the offices of Chairman of the Board and Chief Executive Officer are held by one individual with a Board appointed Lead Independent Director, ensures the appropriate level of oversight, independence, and responsibility is applied to all Board decisions, including risk oversight, and is in the best interests of AbbVie and its stockholders. The Lead Independent Director is chosen annually by and from the independent members of the Board of Directors. The Board regularly reviews its leadership structure and effectiveness. This structure has proven to be an effective form of governance for AbbVie and its shareholders. In determining this leadership structure, the Board weighed numerous factors, such as:

| ● | The qualifications of the Lead Independent Director and performance in the role, including stockholder votes in favor of re-election. Ms. Austin’s extensive leadership skills as a former CEO as well as her current and past experience as a director at other publicly traded companies ensures that she is able to exercise effective independent leadership over AbbVie’s Board, including in relation to risk oversight and financial matters. When she was most recently up for re-election, Ms. Austin received nearly 94% of votes in favor. |

| ● | The historical performance of the company under this leadership structure. As discussed elsewhere in this proxy statement, AbbVie has established an outstanding track record of performance with a combined CEO and chair role. |

20 | 2025 Proxy Statement

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| ​ | THE BOARD OF DIRECTORS AND ITS COMMITTEES |

| ● | The specific needs and circumstances of AbbVie during a given time period. Over the past several years, AbbVie navigated the loss of exclusivity of its largest product in the U.S., integrated several acquisitions including Allergan, Cerevel, and ImmunoGen, and returned to revenue growth in 2024.  Particularly as we transition past these major events, the Board feels that continuity and accountability of