CEO of Abbott spinoff lacks degrees claimed in filings

CEO of Abbott spinoff lacks degrees claimed in filings






SUN-TIMES MEDIA





Last Modified: Sep 28, 2012 03:00AM

Abbott Laboratories gave incorrect education credentials for the executive chosen to lead its pharmaceutical spinoff in regulatory filings between 2002 and 2007, Crain’s Chicago Business is reporting.



Richard A. Gonzalez, named CEO of AbbVie, did not receive a biochemistry bachelor’s degree nor a biochemistry master’s degree from the universities Abbott filings listed, Crain’s reported.



According to Crain’s, Gonzalez did not receive a bachelor’s degree in biochemistry from the University of Houston, nor a master’s degree in biochemistry from the University of Miami, contrary to claims in Abbott’s filings with the U.S. Securities and Exchange Commission when the longtime company executive was a director.



He started at the company in 1977 and retired from Abbott as president and chief operating officer in 2007, but returned two years later.



Gonzalez, 58, currently executive vice president, Global Pharmaceuticals at Abbott, was chosen to be chairman and CEO of AbbVie (pronounced Abb-vee), the new research-based pharmaceutical firm, which is projected to have $18 billion in annual sales after it is spun off later this year.



Abbott external communications Vice President Melissa Brotz confirmed to Crain’s that Gonzalez did not receive degrees from either university.



The inaccurate information about his education was included in SEC filings as a result of an internal administrative error. She told Crain’s that Abbott learned about the errors “some time ago.” The company corrected the information on its Web site immediately after the errors were discovered, she said.



According to the company’s Web site, Gonzalez is listed as a research biochemist at the University of Miami School of Medicine and attended the University of Houston, majoring in biochemistry,



“There’s really no issue here with respect to his educational background and his ability to lead AbbVie,” Brotz told Crain’s. “His ability to lead AbbVie is evidenced by his distinguished career over 30 years, culminating in his reaching the highest levels of the company.”



In October 2011, Abbott said it would separate into two publicly traded firms — one in diversified medical products which will retain the Abbott Laboratories name, the other in research-based pharmaceuticals.



AbbVie will include Abbott’s current portfolio of proprietary pharmaceuticals and biologics. The name is derived from a combination of Abbott and “vie,” which references the Latin root “vi” meaning life.



The AbbVie logo and graphic identity will be unveiled when the new company is launched.



AbbVie will have a portfolio of market-leading brands, including Humira, Lupron, Synagis, Kaletra, Creon and Synthroid. The company said it will have a pipeline of R&D assets in specialty therapeutic areas such as hepatitis C, immunology, chronic kidney disease, women’s health, oncology and neuroscience to drive future growth.






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