Alex Gorsky is stepping aside as Johnson & Johnson’s chief executive officer, but will continue to serve as executive chairman.
Effective Jan. 3, 2022, Joaquin Duato, current vice chairman of the company’s executive committee, will transition into the role of CEO, the New Brunswick-based company announced Aug. 19.
“It has been an honor and privilege to lead this company as chairman and CEO for nearly a decade, and I am pleased to serve as executive chairman to help oversee Johnson & Johnson’s ongoing progress improving the health of people and communities everywhere,” said Gorsky in a prepared statement.
Gorsky, who has been with J&J for 30 years – the last nine as CEO, said in a statement that it is “the right time for me personally as I focus more on my family due to family health reasons.”
Duato’s 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. As vice chairman of the executive committee, he provides strategic direction for the pharmaceutical and consumer health sectors and oversees the global supply chain, technology, and health and wellness teams.
“I have the utmost confidence in Joaquin to lead Johnson & Johnson as the company’s next CEO,” continued Gorsky. “Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges … Notably, he also oversaw the company’s rapid 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.”
Under Gorsky’s leadership, J&J has delivered exceptional financial performance, with its market capitalization growing from nearly $180 billion to more than $470 billion as the share price increased over 170%.
“I am honored to serve as Johnson & Johnson’s next CEO,” said Duato. “Our company has an unmatched health care platform: we are a global pharmaceutical leader with a robust pipeline of transformational and innovative medicines, our medical device business is at the forefront of applying cutting-edge technology to deliver physician and patient-centric products and solutions and our consumer health business continues to evolve its portfolio of iconic heritage brands and innovative growth brands.
“As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnson’s opportunity to play a key role in meaningfully improving the global trajectory of human health,” he said.