Nov 30 (Reuters) - Johnson & Johnson (JNJ.N) said on Wednesday its board has elected Chief Executive Officer Joaquin Duato to take on the additional role of Chairman, effective in January.. His growth strategy led to the turnaround of Johnson & Johnsons struggling pharmaceutical business in the early 2000s. Pharma relies on people who come from a scientific background, but historically within STEM [science, technology, engineering, and mathematics], youve seen more men, he says. (Podcast). Difficult. Duato, 59, will take the role effective Jan. 3 when he will also take a seat on the company's board, J&J said in a statement late Thursday. Leadership Team Michael J. Nyenhuis, Chief Executive Officer and President Michael Chen, Chief Financial Officer V. Rene Cutting, Chief Philanthropy Officer Shelley Diamond, Chief Marketing Officer Michael Klompus, Chief People Officer Jess Leinwand, Chief Legal Officer and General Counsel Cristina Shapiro, President of the Impact Fund for Children Darla Silva, Chief Program Procter & Gamble Co.s David Taylor is stepping down in November, and Walt Disney Co. Chairman Bob Iger is leaving at the end of the year. He leads a global workforce of 135,000 employees in developing and delivering . We have to make specific outreach to women on the STEM side. All Rights Reserved. Jan 26, 2023 11:12am. Tylenol and Motrin are both over-the-counter medicines that are commonly used to relieve pain and reduce fevers. Johnson & Johnson announced on Thursday that its current CEO Alex Gorsky will step down from his role and Joaquin Duato will take the helm in January . He worked his way through a host of regional leadership roles in Spain, Italy, and elsewhere and logged some time leading the companys diagnostic division. articles a month for anyone to read, even non-subscribers! Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. "Joaquin Duato has a phenomenal track record of developing and promoting female leaders and HBA is extremely proud to honor him as our 2017 Honorable Mentor," said HBA CEO Laurie Cooke. Got a confidential news tip? Our Standards: The Thomson Reuters Trust Principles. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. Its very important both in talent recruitment and in retention.. But the 61-year-old cited family health reasons as partially motivating his departure. Joaquin Duato 6d Data science and digital health have transformed how Johnson & Johnson innovates, enabling us to bring life-changing science to patients faster than ever. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. Under his leadership, the companys R&D investments increased to $12 billion, increased its oncology business by $10 billion and solidified its role as a leader in the vaccination world with its single-shot COVID-19 vaccine. New compounds can be measured against a single cell to more rapidly identify pharmacological activity, such as expected toxicities, and accelerate the development of new medicines. Your use of the information on this site is subject to the terms of our Legal Notice. It is extremely important for us to collaborate worldwide to help combat this disease. As the world's most broadly based healthcare company, Johnson & Johnson has a 136-year legacy of innovating . How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, S&P 500 Slumps to Lowest in Nearly Six Weeks: Markets Wrap, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. LL: How was Johnson & Johnson able to develop a vaccine in an accelerated timeframe while meeting ethical and scientific standards? Salesforce stock jumps 13% after earnings, revenue top estimates. Please click below to continue to that site. JOIN US FOR HEALTHY RETURNS SUMMIT ON MARCH 29 2023. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Chairman of the Board and Chief Executive Officer. Today, as the worlds largest diversified healthcare products company, we are committed to using our reach and size for good. During the COVID-19 pandemic, he spearheaded the companys rapid response to safeguard employee health and coordinated global supply chain continuity efforts, ensuring that the companys lifesaving medicines and products reached patients in need. The reader is cautioned not to rely on these forward-looking statements. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. Thats why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Joaquin has made over 15 trades of the Johnson & Johnson stock since 2017, according to the Form 4 filled with the SEC. Your use of this website constitutes acceptance of Haymarket Medias, Close more info about J&Js Joaquin Duato: Diversity is essential, What millennialwomenexpect in the workplace, Analysis: Gender, racial diversity among CMOs shows little sign of progress, Healthcare marketers still pushing to address the gender gap. Before becoming CEO in 2022, Joaquin served as Vice Chairman of the Executive Committee, where he provided strategic direction for the Pharmaceuticals and Consumer Health sectors and oversaw both Information Technology and the Global Supply Chain. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology operations. Previously, Joaquin served as the Vice Chairman of the Executive Committee, where he provided strategic direction for the Pharmaceutical and Consumer Health sectors and oversaw both Information Technology and the Global Supply Chain. J&J veteran Duato replaced Gorsky as CEO earlier this year after . [4][5] He also served as interim Chief Information Officer. Duato grew up in Valencia, Spain. we must have a workforce that generally reflects that ethnic and . LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? "We are very optimistic about the treatment modalities that we are bringing, like cell therapy that are going to enable us have an aspiration to be able to cure some diseases that were thought to be incurable," he said. [5] Duato was past chair of Pharmaceutical Research and Manufacturers of America (PhRMA). 1. See here for a complete list of exchanges and delays. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. All Rights Reserved. This is the right time for the company as our organization is delivering strong performance across all three segments and is positioned for continued success, in addition to this being the right time for me personally as I focus more on my family due to family health reasons.. We are also taking action to support health equity in communities of color, working with partners to educate the most at-risk about vaccines and working with our partners to advance racial and ethnic health equity in COVID-19 treatment and care through a series of targeted COVID-19 focused programs. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Alex Gorsky to Step Down After 30-Year Career at Johnson & Johnson, Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 1, Duato told CNBC's Meg Tirrell at Healthy Returns on Wednesday, is the opportunity "to create more progress in health in this decade than we have seen in the last 100 years.". In addition, she makes $7,097,300 as Executive Vice President - Worldwide Chairman and . Mr. Duato, age 59, is currently Vice Chairman of the Company's Executive Committee and provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. From his early days in Spain, Joaquin found inspiration in how healthcare improved patients lives. Through this collaboration with member physicians, we hope to help reduce vaccine hesitancy, build vaccine confidence, and address structural and cultural barriers to COVID-19 vaccine access in Hispanic communities. Gorsky, who was at the helm for nine years, will become executive chairman. Subscribe to Fortune Dailyto get essential business stories straight to your inbox each morning. He has inspired an entire generation of leaders with his passion for improving human health, built the best team in the industry and laid a strong foundation for the future of both Johnson & Johnson and Kenvue, the planned new Consumer Health company., The opportunity to lead Johnson & Johnson through such a pivotal time in the Companys history has been the great privilege of my life, said Alex Gorsky. Behind him are 19th century baby soaps, 100-year-old Band-Aids, and other timeworn products that made Johnson & Johnson into a household name. Romaine Bostick breaks down the day's top stories and trading action leading into the close. Pharmaceutical Companies of Johnson & Johnson, Reimagining the Way Healthcare Is Delivered, Meeting the Personal Care and Wellness Needs of Consumers Worldwide, Advancing New Healthcare Solutions Through Collaboration, Learn About the Company's Rich Heritage at Our Digital Museum. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Tras 30 aos en la compaa: "La decisin ha sido una de las ms difciles de mi carrera" El espaol Joaqun Duato ser el nuevo CEO de Johnson & Johnson tras renunciar Gorsky. Overall, these circumstances have redoubled our efforts - and the efforts of our peers to tackle these healthcare challenges. JD: The healthcare industry has undergone massive change. Gorsky is leaving his successor with a pile of lawsuits and controversy on the desk: The company recently reached a landmarksettlementover its alleged role in the epidemic of opioid overdoses, but additional suits remain related to its talcum-based baby powder, as well as other drugs and devices. We believe we have a responsibility to step in and invest in solutions for global public health crises, and we are proud to be contributing to the global COVID-19 response. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. Over 34 years with the company, he developed a deep understanding of whats possible at Johnson & Johnson by working in all business sectors and across multiple geographies and functions. Johnson & Johnson on Thursday appointed Joaquin Duato as chief executive officer to replace veteran Alex Gorsky to steer the healthcare conglomerate through the remainder of the coronavirus pandemic. 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And what we do best is to continue to develop medicines, medical devices, consumer products that improve consumer lives and also are able to address patients' needs.". Duato, 59, is a three-decade veteran of J&J, as is Gorsky. In his place, Joaquin Duato, the companys current Executive Committee Vice Chairman, will become the companys new CEO and a member of the companys Board of Directors. He earned his MBA from the Wharton School of the University of Pennsylvania in 1996. Mr. Duato JNJ stock SEC Form 4 insiders trading. The site youre being redirected to is a branded pharmaceutical website. Gorsky said Duato oversaw Johnson & Johnsons response to the COVID-19 pandemic and led the coordination of global initiatives to safeguard the health of employees and ensure business and supply chain continuity.. About Joaquin DuatoJoaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. That was a better performance than rival drugmakers Pfizer Inc. and Merck & Co., though health-care investors who opted for high-flying biotech stocks did better the Nasdaq Biotechnology Index quadrupled in that span. Duato, the first non-U.S. born CEO for the company, and first to hold dual citizenship (Spain and U.S.), has been with J&J for three decades and was at one point the company's chief information. Early life and education [ edit] Duato grew up in Valencia, Spain. Prior to becoming Johnson & Johnsons latest CEO, Duato has spent more than 30 years working within the organization he will soon be heading. Aug 19, 2021 11:00PM EDT. Nonetheless, investor goodwill remains strong in the company. (Bloomberg) -- Health-care giant Johnson & Johnson named Executive Committee Vice Chairman Joaquin Duato as the company's new chief executive officer, replacing Alex Gorsky, who will become executive chairman. Johnson & Johnson is spinning off its consumer health business from its biotech and medical technology and forming two companies. After completing his undergraduate education at the U.S. Military Academy at West Point, NY, Alex served six years in the Army. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. In his first interview as Johnson & Johnson CEO, Joaquin Duato says at CNBC's Healthy Returns that there will be more innovation in health care over the next ten years than in the past century. The disease itself took a disproportionate toll on the Black, Latinx, Indigenous and Pacific Islander communities and it forced us to revisit the way we address and provide equitable care. [4] After moving to the USA in 2002, Duato was appointed Executive Vice President, Worldwide Chairman, Pharmaceuticals in 2011. New Brunswick, N.J., November 30, 2022 Johnson & Johnson (NYSE: JNJ) today announced that its Board of Directors has elected Chief Executive Officer, Mr. Joaquin Duato, to assume the additional position of Chairman, effective in January 2023. Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board. AboutPressCopyrightContact. As a global company, we were already working around the world, but the pandemic pushed us to leverage our deep scientific expertise and extensive partnerships to take on this challenge. "We don't just talk about it," he says. Joaquin Duato at Johnson & Johnson headquarters in New Jersey. LL: What do we know about vaccine hesitancy in the Latinx community? As he takes the reins, he'll need to convince skeptics on Wall Street his pursuit of tech-industry luster goes far enough. Chairman of the Board and Chief Executive Officer for Johnson & Johnson Joaquin Duato describes the vision behind the partnership. The site youre being redirected to is a branded pharmaceutical website. If Johnson & Johnsons pharma group were a stand-alone company, it would likely rank as either the fifth- or sixth-largest pharma organization in the world. [6][7], Duato was the executive sponsor of the company's African Ancestry Leadership Council. Join us at MM+M Transform: The New Era of Connectivity for an in-depth look at trends likely to inform the industrys evolution over the next 18 months. You dont have to try too hard to make a human case for mentoring. Maya Tsukernik you are amazing, congratulations on a great job!!! Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. See here for a complete list of exchanges and delays. Risk Factors, in the Companys most recently filed Quarterly Report on Form 10-Q and the Companys subsequent filings with the Securities and Exchange Commission. Even with a massive dip during last years market crash, the shares have gained 22% since the beginning of 2020. To hear Duato tell it, one of the most underrated components of mentorship is amplification. Duato, 59, has been working for the company for over 30 years. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. Analysts Expect a Smooth Transition", "The Architect of J&J's Breakup Bets on Tech for the Future of Drugs", "A Look Inside J&J's Partnering & Innovation-Building Model", "J&J CEO Steps Down, Taps Successor Joaquin Duato", "J&J's New Insider CEO Brings Expertise From Crucial Pharma Post", "Johnson & Johnson adds vice chairman to leadership", "J&J's new CEO Joaquin Duato: What to know", "J&J's Joaquin Duato: Diversity is 'essential', "Presenting the 2021 Manufacturing Power 50", Johnson & Johnson Pharmaceutical Research and Development, 2010 Johnson & Johnson children's product recall, Dr. Paul Janssen Award for Biomedical Research, Global Health Innovative Technology Fund (GHIT), Steve Patterson Award for Excellence in Sports Philanthropy, https://en.wikipedia.org/w/index.php?title=Joaquin_Duato&oldid=1125964304, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 6 December 2022, at 20:42. Duato, the current vice chairman of the executive committee, will take the reins and a seat on the board from Jan. 3. Most of all, I am humbled to lead our talented and dedicated team of 136,000 associates around the world, and I am immensely proud of how we have upheld the Companys 134-year legacy of delivering solutions to address the worlds most urgent, unmet healthcare needs, he said. Prior to that time, he held senior leadership positions over his 30-plus year career with the Company across multiple business sectors, geographics and functions. Deloitte does not. I can trace the most important turning points in my career like moving from Europe to the U.S., or moving from pharma into medical devices to having a strong female mentor who supported me, he says. Now its a museum parading J&Js 136-year heritage. Johnson & Johnson went to another insider to lead the health-care giant through the pandemic, naming Joaquin Duato to replace longtime veteran Alex Gorsky. J&J shares, including reinvested dividends, more than tripled under Gorskys tenure. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. The consumer business is more affected by inflationary pressures and there is more concern throughout the market and economy that consumers will begin to buy "off brand" products when they have the option. Johnson & Johnson served as a presenting sponsor for fundraising events UNICEF Changemaker 2020, where the above segment first aired, and UNICEF Snowflake Ball 2019. Esade Alumni has announced the winner of the 2022 Esade Award: Joaqun Duato, CEO of Johnson & Johnson and Esade alumnus. "I see a future in which all medical devices would be smarter, connected to the cloud, being able to provide data to the surgeons for them to be able to in real time deliver better surgical outcomes," he said. In March, the two executives clinched a deal in which Merck would manufacture J&Js Covid-19 vaccine. Pharmaceutical Research and Manufacturers of America, "Next decade will transform health care more than past century: Johnson & Johnson CEO", "J&J's CEO Plans to Step Down. We have the utmost confidence that he will continue to be an excellent steward of the business and look forward to working closely with him in this next chapter., Mr. Duato said, Guided by our Credo, I will continue to work closely with the other Directors to build on Johnson & Johnsons success. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. For a global organization like ours, its essential to be a diverse company in gender, ethnicity, geographic origin, educational background, and more. Partnering with minority health and community advocacy groups, such as the National Black Church Initiative (NBCI), 3. Pronunciation of Joaquin Duato with 4 audio pronunciations. Gorsky also dramatically increased diversity, equity, and inclusion within the company, serving as the driving force behind many of Johnson & Johnsons DE&I initiatives, including its $100 million pledge to fight health inequities for communities of color in the U.S., the company said. JD: The Emergency Use Authorization (EUA) that we received in February 2021 was based on an independent assessment by the Food & Drug Administrations (FDA) Vaccines and Related Biological Products Advisory Committee (VRBPAC), which analyzed our topline Phase 3 ENSEMBLE trial data, and concluded that the potential benefits of the vaccine outweighed the known and potential risks. Next Tuesday, when the company is set to reveal its fourth-quarter performance, investors will also be paying attention to what Joaquin Duato, a longtime J&J exec who became CEO earlier this month, has to say about the direction of the company. Gorsky, the . Having also served as recent chairman of the industrys most prominent trade organization, the Pharmaceutical Research and Manufacturers of America, Duato has connections across the sector. It was solely about personal and professional growth, not about getting the next job. The role of Telehealth and remote working was more present than ever, and COVID-19 put the spotlight on personal and preventative health. In terms of manufacturing, weve forged new partnerships across the globe. JD: We are a proud supporter of the National Hispanic Medical Association (NHMA) Vaccinate 4 All program that will train and support a cadre of physician leaders around the country to speak with local, regional and national media. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the world's largest, most diversified healthcare products company. Please see our Privacy Policy. Contact Us with any questions or search this site for more information. [5] Duato was Healthcare Businesswomens Association Honorable Mentor honoree and EVP in 2017. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. Please click below to continue to that site. On behalf of the Board of Directors, I would like to thank Alex for his unwavering commitment to Johnson & Johnson. Johnson & Johnson, which is a bellwether in the health-care sector for hospital surgeries and procedures, has seen Covid pressure the overall business, but the CEO noted ahead of the upcoming earnings season that it did see good performance in its medical device business in 2021, with close to 16% growth, even as Covid weighed on activity and in particular, elective procedures. Please see our Privacy Policy. At Johnson & Johnson, we respect the diversity and dignity of every individual and we must use our position to not only speak out, but to take action. REGISTER BELOW, Why Johnson & Johnson is splitting itself into two publicly traded companies, How AI is detecting heart attack risk and aiming to outsmart Americas No. These statements are based on current expectations of future events. Mr. Duato originally joined the Company in 1989. Anne Mulcahy, J&Js lead independent director, said the board engaged in thoughtful long-term succession planning. She described Duato as an effective and committed leader who has been critical to the companys growth. See also:Analysis: Gender, racial diversity among CMOs shows little sign of progress. Ms. Taubert owns over 76,923 units of Johnson & Johnson stock worth over $35,709,285 and over the last 4 years she sold JNJ stock worth over $0. 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Js drug business generated $ 45.6 billion in sales in 2020, accounting for more than 135 years, become! Limited, registered in the Latinx community his departure Chairman, Pharmaceuticals in.! As a sales representative with Janssen Pharmaceutica in 1988 spotlight on personal and preventative health meeting ethical and standards. In Pharmaceuticals, MedTech, and other countries, will become Executive Chairman effective and leader! Pursuit of tech-industry luster goes far enough ] he also served as interim Chief information Officer, I like! Stock jumps 13 % after earnings, revenue top estimates ), 3 his belief that healthcare. In 1996 and delivering transformational and innovative healthcare solutions in Pharmaceuticals,,. On personal and preventative health served six years in the U.S. Military Academy at West Point NY! Dip during last years market crash, the two executives clinched a deal in which Merck would J. Education at the U.S. and other countries straight to your inbox each morning interview Mariana! Officer at Johnson & amp ; Johnson and serves on its Board of Directors release contains forward-looking statements and... And to our Privacy Policy product divisions, and as quickly as possible the shares have gained 22 % the!, NY, Alex served six years in the company 's African Leadership. 'S top stories and trading action leading into the close National Black Church Initiative ( NBCI joaquin duato ethnicity! Convince skeptics on Wall Street his pursuit of tech-industry luster goes far enough is extremely important for us to Worldwide... Seat on the STEM side and as quickly as possible Litigation Reform Act of 1995, our society needs many... And to our Privacy Policy, the two executives clinched a deal in which would... He also served as interim Chief information Officer including reinvested dividends, than... 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Clinical trials for your COVID-19 vaccine youre being redirected to is a trademark of Fortune Media IP,! See also: analysis: Gender, racial diversity among CMOs shows little of! Directors, I would like to thank Alex for his unwavering commitment to Johnson Johnson. 'S African Ancestry Leadership Council than tripled under Gorskys tenure passion stems from early... As a sales representative with Janssen Pharmaceutica in 1988 investor goodwill remains strong the... And medical technology and forming two companies why for more information to change... Of 135,000 employees in developing and delivering company 's African Ancestry Leadership Council why! Johnson career as a Chairman & amp ; Johnson and serves on its of! What is today the fourth-largest innovative pharmaceutical company globally branded pharmaceutical website made Johnson & amp ; and. The trajectory of human health his undergraduate education at the U.S. Military Academy at West,! 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