Johnson & Johnson Location 1 Johnson & Johnson Plaza, New Brunswick, New Jersey, 08933, United States Description Read More It has been an honor to work alongside each of you, and I could not think of a better leader than Joaquin to lead the Board as it helps guide the Company to even greater achievements.. 2023 Fortune Media IP Limited. 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 leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Interpersonal connections form the core of every organization in every vertical, while identifying young talent and attempting to foster it invest both the giver and recipient with a sense of purpose. On the edge of Johnson & Johnsons New Brunswick, New Jersey campus, Duato is giving his first sit-down interview from within the companys oldest building, which once produced energy for its factories. We dont just talk about it, he says. J&J ranks No. Once highly anticipated because it requires just a single dose, J&Js Covid vaccine has been sparsely used relative to competitors from the Pfizer Inc.-BioNTech SE partnership and Moderna Inc. after challenges at a contract manufacturer. (Podcast). "Mr. Duato's international . Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. JOIN US FOR HEALTHY RETURNS SUMMIT ON MARCH 29 2023. 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. Our Credo is clear. 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. On behalf of the Board of Directors, I would like to thank Alex for his unwavering commitment to Johnson & Johnson. Dow Inc and private company X-energy said on Wednesday they have agreed to develop and demonstrate the first grid-scale next-generation nuclear reactor for an industrial site in North America. He lives in Pennsylvania with his wife and has two grown children. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. [3] In 2018 when he was promoted to Vice-Chairman of Johnson & Johnsons executive committee, he led the pharmaceuticals and consumer product divisions and oversaw supply-chain and technology operations. We have to make specific outreach to women on the STEM side. Gorsky, who started at the health-care company in 1988 as a sales representative, became its seventh CEO in 2012. Doctors, nurses, and health care providers are seen as the most trusted voice people turn to when deciding if they should get a COVID-19 vaccine. In September 2020, Janssen signed the vaccine maker pledgeto promise the public that decisions around the potential use of our vaccine candidate will be based purely on science and pre-existing guidelines from health authorities around the world. But the 61-year-old cited family health reasons as partially motivating his departure. In addition to driving accelerated growth and profitability in our Pharmaceutical and Consumer Health businesses, in his most recent role of Vice Chairman of the Executive Committee, Joaquin helped guide our enterprise strategic planning process, encompassing all three of the Companys business segments, and was responsible for spearheading a significant technology transformation across the enterprise over the past year. All contents Copyright Johnson & Johnson Services, Inc.1997-2023. 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. 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. Why? He started at the company in 1989, working in sales in his home country of Spain. LL: What was the basis for J&J to pursue emergency use authorization? According to a recent Kaiser Family Foundation study, 75% of Hispanic adults trust their healthcare provider to give them reliable information about the available vaccines. J&J shares, including reinvested dividends, more than tripled under Gorskys tenure. But the new chief executive officerisnt interested in artifacts. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information, Americans ineligible for COVID booster shots are already. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . He is a member of high profile boards, including the Business Council and the Business Roundtable. Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Esade Alumni has announced the winner of the 2022 Esade Award: Joaqun Duato, CEO of Johnson & Johnson and Esade alumnus. This site is governed solely by applicable U.S. laws and governmental regulations. They closed at a record high of $179.47 Tuesday, buoyed by the companys portfolio of cancer and immunology drugs as patients return to hospitals after lockdown. Joaquin Duato, who led J&J's pharmaceuticals business before becoming a Gorsky deputy, will become chief executive and join the company's board of directors. Today, as the worlds largest diversified healthcare products company, we are committed to using our reach and size for good. Nonetheless, investor goodwill remains strong in the company. There is no bigger or better known health-care conglomerate in the world. Very difficult. Reducing and/or removing logistical barriers for underrepresented populations. 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. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. [5] Duato was Healthcare Businesswomens Association Honorable Mentor honoree and EVP in 2017. The rules of the past no longer apply after the seismic events of the past three years. Offers may be subject to change without notice. Difficult. "That's a sign of how much we believe in the opportunity that I was describing of combining science and technology to deliver improvements in patient care," Duato said. This is closely followed by the CDC, family/friends and then by state and local health departments/officials. LL: Why is it important to have collaboration among the global public health community in times of crises? 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This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. 1. Evolution in the healthcare marketing and communications space requires an agile team that is solutions oriented and sees beyond barriers with a how can it be done mindset. 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 officer, giving him key insights into the role of technology in health care. 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, he said. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Previously, Joaquin served as the Vice Chairman of the . 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. As a member of the Company for more than 30 years, Joaquin was named Company Group Chairman of the Americas in 2009 and Executive Vice President and Worldwide Chairman, Pharmaceuticals in 2011. Priority No. Xi Jinping Doesnt Love Them Back, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Iran Schoolgirls Targeted by MorePoison Attacks, Sparking Protests, NFL Loses Bid to Arbitrate Ex-Miami Coachs Race-Bias Claims, EU Seeks to Salvage Combustion-Engine Ban After Germany Balks, Gas Stoves Are One Step Closer to New Rules, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Mr. Duato originally joined the Company in 1989. For a global organization like ours, its essential to be a diverse company in gender, ethnicity, geographic origin, educational background, and more. 2. As Vice Chairman of the Executive Committee, he provides . Copyright 2023 Haymarket Media, Inc. All Rights Reserved This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. 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 said the company is gaining share in its priority medtech platforms and expects "good" performance this year. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. Duato, 59, has been working for the company for over 30 years. 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. Jan 26, 2023 11:12am. His growth strategy led to the turnaround of Johnson & Johnsons struggling pharmaceutical business in the early 2000s. 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. Joaquin has many family members and associates who include Robert Silverstein, Michelle Savini, Christopher Hedin, Karen Rauchbach and Michael Stappas. He is on the Board of Directors at Johnson & Johnson, U.S.-Spain Council, Inc. and Save The Children Federation, Inc . He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Got a confidential news tip? 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. Duato doesnt overtly attribute Johnson & Johnsons enduring success to its organizational makeup, but he doesnt downplay its importance the same way many other pharma higher-ups do, either. Easy. Duato will also be appointed as a member of the company's Board of Directors. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. 2023 CNBC LLC. 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. Rate the pronunciation difficulty of Joaquin Duato. Johnson & Johnson went to another insider to lead the health-care giant through the pandemic, naming Joaquin Duato to replace longtime veteran Alex Gorsky. To reflect that, HCB Health has become Boundless Life Sciences Group. The world's biggest maker of health care products said late Thursday that Joaquin Duato will become CEO and a member of the company's board of directors on January 3. If he doesn't abandontradition for innovation, we will be left behind, he says. Overall, these circumstances have redoubled our efforts - and the efforts of our peers to tackle these healthcare challenges. Salesforce stock jumps 13% after earnings, revenue top estimates. A Division of NBCUniversal. All Rights Reserved. LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? About Joaquin Duato Mr. Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. Our Standards: The Thomson Reuters Trust Principles. Under his leadership, scientific expertise combined with AI and machine learning is accelerating how Johnson & Johnson confronts the most complex healthcare challenges and delivers for patients. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [4] After moving to the USA in 2002, Duato was appointed Executive Vice President, Worldwide Chairman, Pharmaceuticals in 2011. All Rights Reserved. JD: With our ENSEMBLE COVID-19 vaccine clinical trial, we employed intentional focus and purposeful tracking in the clinical trial design and experience, which allowed us to achieve our enrollment targets within populations disproportionately affected by the COVID-19 pandemic. They created a strong foundation of trust and collaboration and mutual respect.. The site youre being redirected to is a branded pharmaceutical website. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. I also want to thank Alex for his countless contributions to our Company. Contact Us with any questions or search this site for more information. Mr. Joaquin Duato is a Chief Executive Officer & Director at Johnson & Johnson. LL: How do you see the healthcare industry as a whole changing due to the current pandemic? 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. Alex Gorsky will step down as chief executive of Johnson & Johnson in January, ceding the role to longtime company executive Joaquin Duato, the health care giant announced Thursday. J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Over the next three decades, he advanced through positions of increasing responsibility in sales, marketing, and management, culminating in being named CEO and Chairman in 2012. 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. Thats my number one concern.. Its very important both in talent recruitment and in retention.. CVS and Walgreens confirmed last month that their pharmacies were limiting the. We also saw an urgent need to strengthen our global public health systems because the pandemic also pulled back the curtain on pressing healthcare challenges. The industry leader for online information for tax, accounting and finance professionals. New Brunswick, New Jersey-based multinational pharmaceutical giant Johnson & Johnson (a DiversityInc Hall of Fame company) has announced that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. Joaquin Duato is best known for driving the transformation of Johnson & Johnson's Pharmaceutical sector into a global powerhouse by refocusing strategy and investment around core therapeutic areas with the greatest potential for business growth and impact on human health. Gorsky joins a parade of blue-chip executives who are moving on after long careers punctuated by the pandemic. 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 & Johnsons ongoing progress in improving the health of people and communities everywhere, Gorsky said in a statement. Latino Leaders: How does diversity of thought and opinions help the pharmaceutical industry? 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. 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. 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. Moderate. It's a role that builds on his 33-year career at the company, working across all business sectors and in multiple countries around the globe. Gorsky, whos been at the helm for nine years, will become executive chairman. He champions the integration of data science, intelligent automation and new technologies to solve complex biomedical research and business operation challenges with maximum speed and efficiency. He earned his MBA from the Wharton School of the University of Pennsylvania in 1996. "Overall, we've seen volatility in the consumer demand," Duato said, "but we continue to see very solid consumer business coming through and we continue to try to deliver what is best for consumers and we continue to try to mitigate our cost increases by improving our own efficiency, and in some cases also having price increases but overall, we are bullish about the potential of our consumer health business and about our ability to navigate the inflationary pressures in a way that is optimal for consumers," he said. Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. Early life and education [ edit] Duato grew up in Valencia, Spain. "We don't just talk about it," he says. Contact Us with any questions or search this site for more information. 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. 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. Just as important was what Duatos mentors didnt do: push mentorship as a vehicle through which he might advance his career. articles a month for anyone to read, even non-subscribers! "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. 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. Joaquin Duato Age : 59 Public asset : 51,840,419 USD Country of residence : Unknown Linked companies : Johnson & Johnson Summary Mr. Joaquin Duato is a Chairman & Chief Executive Officer at Johnson & Johnson. Implementing tools and strategies to raise patient awareness and understanding of clinical trials to successfully enroll high percentages of underserved populations, 2. He was also appointed to the companys board of directors. That diversity gets us closer to our customer base, Duato points out. The reader is cautioned not to rely on these forward-looking statements. In March, the two executives clinched a deal in which Merck would manufacture J&Js Covid-19 vaccine. 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. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. About Johnson & JohnsonAt Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress.
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