Companies have detailed procedures for preparing annual proxies and verifying their accuracy before they're sent out to the investing public. Rank-and-file employees who are found to have falsified information on job applications routinely are dismissed from their jobs. Since his return, Abbott has softened the details about his educational background. The University of Miami registrar's office has been unable to confirm Mr. It should also examine its internal procedures to find out how the information went into proxy statements unchecked for years. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Before covering pharma, I worked for several years at New York Newsday and, before that, at Investor's Daily, among other places.
More likely, everyone simply relied on the word of Mr. The companies and people profiled on Corporation Wiki are displayed for research purposes only and do not imply an endorsement from or for the profiled companies and people. Gonzalez, who has been tapped to head Abbott's pharmaceutical spinoff, AbbVie, attended the university from Jan. On March 4, 2015, AbbVie announced its agreement to acquire the firm and its treatment for blood cancers, ; had also been bidding to acquire Pharmacyclics. Even before the revelations about his educational background, Mr. What is a proxy statement? The drug-maker AbbVie specializes in the areas of Virology, Immunology, Neuroscience, Oncology, and General Medicine. He returned in 2009 to work with Abbott Ventures, the company's medical technology investment arm, and was named executive vice president of pharmaceuticals in July 2010.
When he first joined the company he was off to a good start, but he and AbbVie went through a rocky period. The Pharmacyclics name was retained, and it operates as a subsidiary of AbbVie from its previous , headquarters. He went on to become the coach at the University of Central Florida since. The mistake was corrected immediately after it was discovered and the information on the company's website now is correct, she said. He served as Executive Vice President, Pharmaceutical Products Group, where he led the global pharmaceutical business, including commercial operations, research and development and manufacturing. For now, there is nothing to suggest that Gonzalez falsified his credentials or deliberately misled the drug and device maker, according to published reports.
White writes in the memo. The revelation comes at a particularly sensitive time for Mr. Previously, he served as president and chief operating officer, Medical Products Group, since December 2001. Her bachelor's degree from Illinois State University was in business administration, not marketing and economics, as was claimed in her bio. Other pharmaceutical companies have recently sold or spun off parts to increase share value and capital efficiency, in a cyclical development after years of mega-mergers. Thompson's bachelor's degree from Stonehill College in Easton, Mass. On the same day, AbbVie and announced that they had entered into a collaboration intended to discover, develop and bring to market new therapies for patients with age-related diseases including and cancer.
The company's key product is Humira, currently the top-selling drug by annual revenue in the market. He was diagnosed with throat cancer. When we became aware of it a while back, we corrected it promptly. This information is according to proxy statements filed for the 2017 fiscal year. Since then the portfolio has grown to 8 properties covering a wide array of verticals including business, personal finance, real estate, architecture, television, movies, entertainment, video games, lifestyle, pets, and more.
In his current biography, Abbott now says that Mr. Some analysts questioned whether splitting the pharmaceutical business off to be sold to a pure-play pharmaceutical company was not the end game. When you make a statement, you should do your best to verify that it's true. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. That gain follows the drug's quarterly revenue increases of 16%, 13%, 19% and 13% in the four consecutive quarters, respectively. Gonzalez's status at the University of Miami could not immediately be confirmed. Take, for example, Kenneth Lonchar of Veritas Software Corp.
This ride began at The Star-Ledger of New Jersey and continues with Pharmalot, which I have run since 2007. The Board of Abbott Laboratories saw no real issue with his credentialing issue Ms. Intraday data delayed at least 15 minutes or per exchange requirements. Management Biography — Richard A. Gonzalez did not receive degrees from either university. Securities and Exchange Commission before 2007 listed Gonzalez with a bachelor's degree in biochemistry from the University of Houston and a master's degree in biochemistry from Miami, said Melissa Brotz, a company spokeswoman.
Gonzalez was a 30-year Abbott veteran. Abbott needs to do a lot more than that to earn back the trust of investors. White's memo, which was The company immediately investigated the matter and corrected the biography, the memo says. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Investors shouldn't let it get away with that.
Securities and Exchange Commission from 2002 to 2007, Abbott also said Mr. Securities and Exchange Commission when the longtime company executive was a director. It would raise similar questions about the company's internal controls. Shares of Abbott rose 1. Or is this something that warrants an investigation by the board? Pfizer has also announced plans to sell its animal health division. He was even president of the device side venture investment group for a while.