Johnson & Johnson has announced the appointment of Joaquin Duato as its new Chief Executive Officer, effective 3 January 2022.
Duato, currently Vice Chairman of the Executive Committee, will take over from Alex Gorsky, who has been CEO for nine years and will now become Executive Chairman.
Gorsky was at the helm while J&J grew rapidly – during his tenure, its market capitalisation rose from around $180bn to more than $470bn. But the company has also faced major legal crises during his time, related to its baby powder and opioids, as well as major product recalls.
Gorsky said it was the right time for the move, both for him and J&J, noting: “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.”
Duato has been with the pharma giant for more than 30 years, and most recently was in charge of its pharmaceutical and consumer health businesses. He has also helped drive J&J’s move into therapeutic areas, as well as helped lead the integration of data science and computer automation into J&J’s research and operations.
In a statement, he noted: “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. I have had the pleasure of working closely with Alex for many years and thank him for his outstanding leadership. I am pleased that I will continue to benefit from his guidance and insights moving forward. Above all I am excited to be leading the best team in the industry, and I am confident that we will continue to be guided by Our Credo in everything we do.”
