AbbVie CEO and Chairman Richard Gonzalez took a slight dip in pay in 2015, but he still took home $20.8 million.
Gonzalez, 62, has led the North Chicago-based pharmaceutical company since it was spun off from Abbott Laboratories in 2013. His total compensation in 2015 decreased 5.4% from the year before, according to a new company filing. The difference in pay appears to come at least partly from a change in the company's pension plan.
Of Gonzalez's total 2015 compensation, the largest portion came as $9.7 million in stock awards. The remainder included a $1.6 million salary and a $3 million bonus.
An AbbVie spokesperson did not immediately return a message to comment regarding Gonzalez's pay. But in the company filing, AbbVie said its compensation packages aim to encourage executives to stay at the company long-term. Equity awards, for example, vest over several years, which encourages executives to “consider the long-term impact of their decisions and align their interests with those of AbbVie's stockholders.”
Gonzalez in particular achieved or exceeded his 2015 goals, which included driving “exceptional” business performance and building “investor confidence and credibility,” the filing said.
AbbVie generated $22.8 billion in 2015 net revenue. Its products, including the blockbuster drug Humira, treat chronic autoimmune and neurological diseases, as well as other ailments.
"AbbVie CEO's hefty paycheck? About $21 million in 2015" originally appeared on the website of Crain's Chicago Business.