"We understand that we have a reputation. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. . Johnson & Johnson has faced multiple lawsuits over products and medical devices, fromtalc to hip replacement and opioids, which have resulted in significant financial settlements, without any admission of wrongdoing, as well as ongoing litigation. As the world's most broadly based healthcare company, Johnson & Johnson has a 136-year legacy of innovating . See also:Analysis: Gender, racial diversity among CMOs shows little sign of progress. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Our 130,000 employees mobilized with urgency to address the critical needs of families and healthcare providers in their country. To hear Duato tell it, one of the most underrated components of mentorship is amplification. 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. These statements are based on current expectations of future events. You dont have to try too hard to make a human case for mentoring. Duato has dual citizenship between the U.S. and Spain, and is involved with boards such as UNICEF USA, Tsinghua University School of Pharmaceutical Sciences and the Hess Corporation, is past. We have to make specific outreach to women on the STEM side. 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.. Joaquin Duato, the new CEO of Johnson & Johnson, is comfortable enough in his new position at the 135-year-old company to issue a bold claim just a few months into the job and during his first interview: he predicts the next decade will see more health-care transformation than occurred during the past century. Johnson & Johnson Location 1 Johnson & Johnson Plaza, New Brunswick, New Jersey, 08933, United States Description Read More Please click below to continue to that site. If he doesn't abandontradition for innovation, we will be left behind, he says. As a dual citizen of Spain and the United States, his international perspective and global lens gives him a deep appreciation of diverse thoughts and opinions. A believer in the power of technology to accelerate progress in healthcare, Joaquin is leading Johnson & Johnson to harness data science and intelligent automation to solve the worlds toughest health challenges. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. by Caroline Vakil - 08/19/21 7:18 PM ET. During his tenure, J&J's market capitalization rose to over $460 billion from nearly $180 billion. "All of them are providing significant improvements in the standard of care, and at the same time, all of them with more than a billion-dollar potential," he said. Joaquin Duato is surrounded by relics of the past. 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. Continue reading your article with. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 72 in the Axios Harris Poll 100s 2021 Corporate Reputation Rankings. Joaquin Duato takes over Jan. 3 as CEO amid plans to spin off J&J's consumer division, a shakeup of other executive leadership positions, high profile lawsuits and controversy that stunted sales . And while Duato isnt the type of leader who preaches from a soapbox, he believes that pharma needs to prioritize mentoring especially of top-flight women scientists far more than other industries do. All Rights Reserved. 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. Our Credo is clear. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. He lives in Pennsylvania with his wife and has two grown children. "For the consumer health company, it's going to be an opportunity to deepen the relationships with consumers to attract new investors, to inspire employees, and to be able to have a fit-for-purpose model with their own capital location priorities and then for the new Johnson & Johnson it is going to be an opportunity to be more focused, more competitive and to deliver increased growth," Duato said. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 2023 CNBC LLC. Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. 2023 Fortune Media IP Limited. While Duato doesnt share specific experiences or anecdotes, he notes that being mentored was hugely important to his development as both a professional and a person and that every one of his mentors along the way happened to be women. Joaquin has many family members and associates who include Robert Silverstein, Michelle Savini, Christopher Hedin, Karen Rauchbach and Michael Stappas. 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. The current economic situation is "volatile," Duato said, with inflationary headwinds in the supply chain and availability of important raw materials and components, though he said the company's scale as the largest health-care firm helps and the guidance it already provided to the market earlier in the year showed a healthy growth rate in revenue and in earnings per share. El espaol Joaqun Duato ser el nuevo CEO de Johnson & Johnson tras renunciar Gorsky. To meet the needs and desires of our customers and community, we must have a workforce that generally reflects that ethnic and racial diversity. Related: For more recent diversity and inclusion news, click here. In 2021, the company invested more than $2 billion in innovation, an increase of 23% in the middle of the pandemic. 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. 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. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. 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. 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 grew up in Valencia, Spain. Sign up for free newsletters and get more CNBC delivered to your inbox. FORTUNE may receive compensation for some links to products and services on this website. Mr. Duato JNJ stock SEC Form 4 insiders trading. He also took a leading role in J&J's COVID-19 response and helped shape its pharmaceutical business strategy. 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Pronunciation of Joaquin: Learn how to pronounce the word Joaquin.Definition and meaning can be found here: https://www.google.com/search?q=define+JoaquinThe. 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.. Difficult. 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. Gorsky also started his J&J career over three decades ago as a sales representative with Janssen Pharmaceuticals in 1988, and had been at the helm of the company for nearly a decade. About Joaquin DuatoJoaquin 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. 4. Inflation will remain a factor, as some pressures alleviate this year but others remain longer, Duato said. Duato is the only major health industry CEO who has served as chief information officer. 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. There is no bigger or better known health-care conglomerate in the world. Chairman of the Board and Chief Executive Officer. Latino Leaders: How does diversity of thought and opinions help the pharmaceutical industry? 3 We also partnered closely with the US government throughout the development process to ensure we were meeting important ethical and scientific standards. Contact Us with any questions or search this site for more information. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the world's largest, most diversified healthcare products company. In addition, she makes $7,097,300 as Executive Vice President - Worldwide Chairman and . 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. They created a strong foundation of trust and collaboration and mutual respect.. The largest trade he's ever made was exercising 148,538 units of Johnson & Johnson stock on 17 January 2023 worth over $10,774,947. At Johnson & Johnson, were mobilizing to support organizations that meet underrepresented communities where they are and engage at the grassroots level by involving respected elected representatives, trusted local and national faith leaders, community advocates, and other national and local organizations. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the world's largest, most diversified healthcare products company. As J&J prepares to split into two companies, Duato said that separating the consumer brands like Band-Aid, Tylenol, Neutrogena and Listerine from medical technology and pharmaceuticals will help the company be at the forefront of surgical techniques that transform health care. Offers may be subject to change without notice. Joaquin Duato helped mastermind the health giant's breakup. Joaquin Duato. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. The industry leader for online information for tax, accounting and finance professionals. Thats why its so important for us to engage in these types of conversations to help answer questions and dispel myths about vaccines. I would like to express my deep appreciation to every employee, past and present, for their steadfast commitment to bringing our Credo to life every day and to improving the well-being of those who rely on us. The rules of the past no longer apply after the seismic events of the past three years. Research and development on the drug side is accelerating as well, he said, with a pipeline of 14 new medicines to be filed before 2025. LL: How was Johnson & Johnson able to develop a vaccine in an accelerated timeframe while meeting ethical and scientific standards? 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Duato declined to go into legal specifics. 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. 2. 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. Joaquin has long believed in the power of technology to accelerate progress in healthcare. 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. They averaged a 15% annual return, in line with the S&P 500 Index. Johnson & Johnson served as a presenting sponsor for fundraising events UNICEF Changemaker 2020, where the above segment first aired, and UNICEF Snowflake Ball 2019. 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. He is on the Board of Directors at Johnson & Johnson, U.S.-Spain Council, Inc. and Save The Children Federation, Inc . LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? According to Johnson & Johnson, Gorsky has been the companys Chairman and Chief Executive Officer since 2012. Why? 8 Enthusiasm for getting the COVID-19 vaccine continues to grow among people across racial and ethnic backgrounds, with the largest increase among Black adults. Alex Gorsky, currently chairman and CEO, will serve as executive chairman of Johnson & Johnson and transition the CEO role to Joaquin Duato, currently vice chairman of the company's executive committee, effective January 3, 2022. 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. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology operations. Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. Esade Alumni has announced the winner of the 2022 Esade Award: Joaqun Duato, CEO of Johnson & Johnson and Esade alumnus. Duato notes with some justifiable pride that the pharma groups leadership team includes six women, with two of its three commercial regions led by women. 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. "Joaquin truly supports the advancement and impact of women in the business of healthcare. 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. The site youre being redirected to is a branded pharmaceutical website. Duato is committed to nurturing a diverse, equitable and inclusive workplace as J&J continues to develop medicines to transform the lives of patients around the world. Aug 19 (Reuters) - Johnson & Johnson (JNJ.N) on Thursday appointed Joaquin Duato as chief executive officer to replace veteran Alex Gorsky to steer the healthcare conglomerate through the. The healthcare conglomerate is in the middle of the biggest shake-up in its 135-year history, spinning off its consumer health business under the name Kenvue. His career in healthcare was influenced by his family. 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. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned Cautionary Note Regarding Forward-Looking Statements and Item 1A. Gorsky, the . 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. Duato, the current vice chairman of the executive committee, will take the reins and a seat on the board from Jan. 3. Moderate. The decision to step aside was one of the most difficult of my career. Duato is a dual citizen of Spain and the United States. 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. J&J announced in November that it is planning to split into two publicly traded companies: one focusing on consumer health, and the other housing its prescription-drug and medical-device. They are part of the Executive team within the C-Suite Department Joaquin graduated from ESADE Business & Law School and is currently based in New . Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. Rate the pronunciation difficulty of Joaquin Duato. LL: What do we know about vaccine hesitancy in the Latinx community? This is closely followed by the CDC, family/friends and then by state and local health departments/officials. People on the Move: Chris Womack, CEO, Southern Company, People on the Move: CVS Names Shari Slate as SVP, Chief Diversity, Equity and Inclusion Officer, People on the Move: Tarbinlam Lafon, VP, Chief Procurement Officer, Humana, People on the Move: Alice H. Chen, Centenes Chief Health Officer, Women Executives Advice on Changing Up Workplace Demographics. Joaquin Duato Chairman of the Board and Chief Executive Officer New Brunswick, New Jersey, United States 38K followers 500+ connections Join to follow Johnson & Johnson Esade About I believe that. Got a confidential news tip? I try to understand the individual and what strengths they have, the ones that make the person special and different, he says. Johnson & Johnson announced Thursday evening that Joaquin Duato will become CEO effective Jan. 3, replacing Alex Gorsky. Supporting frontline health workers: In 2020, the Johnson & Johnson Family of Companies and the Johnson & Johnson Foundation committed $50 million to support frontline health workers. Johnson & Johnson JNJ has long been viewed as a bellwether stock for other health care companies, given its early slot in the earnings calendar and a business model that spans everything from hip implants to rheumatoid arthritis drugs and Band-Aids. The best ideas and solutions happen when people bring their uniqueness to work with them. Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The medtech business grew 16% in 2021 even as Covid limited procedures, and advancements in surgery using AI are among the breakthroughs that the new CEO is betting on. Deloitte does not. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the worlds largest, most diversified healthcare products company. "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. 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.. Any forward-looking statement made in this release speaks only as of the date of this release. The pharma unit Duato leads generated $33.5 billion in sales last year, growing 7.5% (compared with 4% growth for Johnson & Johnson overall). As Vice Chairman of the Executive Committee, he provides . Ultimately, we want to always reach a fair and equitable resolution in order to be able to focus on what we do best. A dual citizen of Spain and the U.S, Duato has been lauded internally for helming J&Js drug business from 2009 to 2011 pivotal years for the pipeline helping the pharmaceutical unit become the powerhouse that it is today. 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. Please see our Privacy Policy. He added that he saw a profound impact of Johnson & Johnsons medicines over his 30-year career with the company, which includes investment in research and development and drove global advances in healthcare over the past decade. LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? Just as important was what Duatos mentors didnt do: push mentorship as a vehicle through which he might advance his career. Contact Us with any questions or search this site for more information. All Rights Reserved. 1. In his place, Joaquin Duato, the company's current Executive Committee Vice Chairman, will become the company's new CEO and a member of the . "We can plan much better our clinical trials, we are able to create synthetic control groups instead of having placebo groups and we are also able to stratify and identify patients that are difficult to find in rare diseases utilizing algorithms that enable us to identify them," he said. 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. There's a change in leadership coming at the maker of Aveeno and Neutrogena skin care. As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnsons opportunity to play a key role in meaningfully improving the global trajectory of human health, he said. 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.