Johnson & Johnson names CEO, CFO for new company

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In November 2021, drugmaker Johnson & Johnson announced its plans to split into two publicly traded companies, one focusing on consumer health products and the other on pharmaceutical and medical device operations.

On May 11, the New Brunswick-headquartered company announced Thibaut Mongon as chief executive officer designate and Paul Ruh as chief financial officer designate of the future New Consumer Health Company.

According to the announcement, the two executives will transition to the new roles after the business separation, expected in 2023, subject to legal requirements.

The company will name other directors and executive appointments in the coming months. Earlier this week, the medical devices division, Johnson & Johnson MedTech, announced Kurt Van den Bosch as chief financial officer, group finance.

A 20-year veteran of Johnson & Johnson, Mongon has served as executive vice president and worldwide chairman of the company’s Consumer Health division since 2019. According to J&J, he is responsible for leading one of the world’s largest portfolios of consumer health products with brands including Tylenol, Neutrgogena, Aveeno, Listerine and Johnson’s.

Mongon serves on the board of the Consumer Goods Forum. He earned a bachelor’s degree in business administration from the KEDGE Bordeaux Business School, an MBA from INSEAD and has lived in Europe, Latin America, Asia and North America.

Ruh joined Johnson & Johnson five years ago as the chief financial officer of the Consumer Health business. He previously worked for PepsiCo for 17 years, serving as CFO of its Latin America arm from 2015 until January 2017, as well as for McKinsey & Co. and Procter & Gamble. Ruh earned a bachelor’s degree in engineering from the Universidad Iberoamericana in Mexico City and an MBA from the MIT Sloan School of Management.

“Thibaut is a visionary and respected global leader, whose consumer-centric mindset has repeatedly propelled the business forward. Under his leadership, the Consumer Health business of Johnson & Johnson has advanced its innovation to reach consumers with products that truly make a difference in their personal health, while simultaneously delivering healthy financial results,” Alex Gorsky, Johnson & Johnson executive chairman, said in a statement. “Having worked with both Thibaut and Paul for many years, and, after conducting a thorough external search, I am confident in their collective ability to lead the New Consumer Health Company and its portfolio of iconic brands into the future as a standalone company.”

Johnson & Johnson CEO Joaquin Duato added, “With Thibaut at the helm, we can expect the New Consumer Health Company to remain mission driven with iconic, science-backed brands and a strong commitment to innovation and remarkable talent. He will be supported by Paul, who brings a strong track record of delivering transformational improvements and who has in-depth knowledge and expertise of the consumer goods industry.”