Prior to this role, as Worldwide Chairman, Pharmaceuticals, Joaquin transformed the sector into a global powerhouse by refocusing strategy and investment around core therapeutic areas and areas of greatest unmet need. Gorsky also led Johnson & Johnsons purchase of Actelion, the largest in J&J history, which significantly expanded Johnson & Johnsons portfolio of rare-disease treatments. 2. 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. 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. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors (a $60 billion portfolio) and oversees the Global Supply Chain, Technology and Health & Wellness teams. He was also appointed to the companys board of directors. If Johnson & Johnsons pharma group were a stand-alone company, it would likely rank as either the fifth- or sixth-largest pharma organization in the world. A dual citizen of both Spain and the U.S. and the current executive sponsor of Johnson & Johnsons African Ancestry Leadership Council, he assures that going forward, the company will remain committed to diverse thoughts and opinions under his leadership. 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. See here for a complete list of exchanges and delays. Subscribe to Fortune Dailyto get essential business stories straight to your inbox each morning. 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Maya Tsukernik you are amazing, congratulations on a great job!!! Contact Us with any questions or search this site for more information. "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. Mr. Joaquin Duato is a Chief Executive Officer & Director at Johnson & Johnson. During his tenure, J&J's market capitalization rose to over $460 billion from nearly $180 billion. 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. Duato, the current vice chairman of the executive committee, will take the reins and a seat on the board from Jan. 3. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. Now vice chairman of the executive committee, Duato will take the reins effective Jan. 3 and take a seat on the companys board, J&J said in a statement late Thursday. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. Jan 26, 2023 09:15am. 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 notes with some justifiable pride that the pharma groups leadership team includes six women, with two of its three commercial regions led by women. Johnson & Johnson announced on Thursday that its current CEO Alex Gorsky will step down from his role and Joaquin Duato will take the helm in January . [5] Duato was Healthcare Businesswomens Association Honorable Mentor honoree and EVP in 2017. 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. 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. It was solely about personal and professional growth, not about getting the next job. Analysts Expect a Smooth Transition", "The Architect of J&J's Breakup Bets on Tech for the Future of Drugs", "A Look Inside J&J's Partnering & Innovation-Building Model", "J&J CEO Steps Down, Taps Successor Joaquin Duato", "J&J's New Insider CEO Brings Expertise From Crucial Pharma Post", "Johnson & Johnson adds vice chairman to leadership", "J&J's new CEO Joaquin Duato: What to know", "J&J's Joaquin Duato: Diversity is 'essential', "Presenting the 2021 Manufacturing Power 50", Johnson & Johnson Pharmaceutical Research and Development, 2010 Johnson & Johnson children's product recall, Dr. Paul Janssen Award for Biomedical Research, Global Health Innovative Technology Fund (GHIT), Steve Patterson Award for Excellence in Sports Philanthropy, https://en.wikipedia.org/w/index.php?title=Joaquin_Duato&oldid=1125964304, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 6 December 2022, at 20:42. Joaquin Duato. As CEO of the world's largest healthcare company, Joaquin leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. The site youre being redirected to is a branded pharmaceutical website. That diversity gets us closer to our customer base, Duato points out. 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. Nonetheless, investor goodwill remains strong in the company. Mr. Duato JNJ stock SEC Form 4 insiders trading. It is influenced by factors such as confidence, convenience and complacency. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. Got a confidential news tip? J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. "We are very optimistic about the treatment modalities that we are bringing, like cell therapy that are going to enable us have an aspiration to be able to cure some diseases that were thought to be incurable," he said. But the 61-year-old cited family health reasons as partially motivating his departure. Jan 26, 2023 11:12am. As Vice Chairman of the Executive Committee, he provides . Duato is trilingual, speaking English, Spanish, and Italian. "Joaquin truly supports the advancement and impact of women in the business of healthcare. 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. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Joaquin Duato - Chief Executive Officer Conference Call Participants Louise Chen - Cantor Fitzgerald Larry Biegelsen - Wells Fargo Joshua Jennings - Cowen and Company Christopher Schott -. Previously, Joaquin served as the Vice Chairman of the . Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. Pharmaceutical Companies of Johnson & Johnson, Reimagining the Way Healthcare Is Delivered, Meeting the Personal Care and Wellness Needs of Consumers Worldwide, Advancing New Healthcare Solutions Through Collaboration, Learn About the Company's Rich Heritage at Our Digital Museum. He currently sits on the boards ofUNICEF USA, Tsinghua University School of Pharmaceutical Sciences and Hess Corp. Shares of New Brunswick, New Jersey-based J&J were little changed in trading after U.S. markets closed. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. Recent surveys show Black and Hispanic adults are more likely to take a wait and see approach to getting a COVID-19 vaccine, but are also as likely as white adults to say they definitely will not take one. Our Credo is clear. With these additions to our global manufacturing network, we are committed to delivering 100 million single-shot doses of our COVID-19 vaccine to the U.S. government, and delivering 200 million doses to the European Union, Norway and Iceland. The industry leader for online information for tax, accounting and finance professionals. Johnson & Johnson is spinning off its consumer health business from its biotech and medical technology and forming two companies. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. 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. In this podcast, Matt Botkin, SVP, business development (health systems) at Doceree, throws light on how the pharmaceutical industry can leverage technology to address the issue of healthcare affordability. 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. Related: For more recent diversity and inclusion news, click here. The decision to step aside was one of the most difficult of my career, Gorsky said in the statement. 3 /5. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. All Rights Reserved. Joaquins appointment to the additional role of Chairman reflects his tremendous 30-year track record at Johnson & Johnson, as well as the Boards thoughtful and engaged approach to succession planning. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Despite his incredible success, he was also quick to add just how excited he was to pass the companys rings to his successor. About Alex GorskyAlex Gorsky is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, one of just seven leaders who have served in the dual role since the company was listed on the New York Stock Exchange in 1944. Johnson & Johnsons new CEO Duato said he is honored to be the next CEO of the company. New J&J CEO Joaquin Duato promises an aggressive M&A hunt in quest to grow pharma sales. [8], Joaquin Duato is a board member of the U.S. Spain Council and previously served on boards with UNICEF USA, Tsinghua University School of Pharmaceutical Sciences, and the Hess Corporation. Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. The site youre being redirected to is a branded pharmaceutical website. 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.. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Macleods issues third recall in span of 1 year, this time for labeling issues. The role of Telehealth and remote working was more present than ever, and COVID-19 put the spotlight on personal and preventative health. We walk the walk.. All Rights Reserved. As a global company, we were already working around the world, but the pandemic pushed us to leverage our deep scientific expertise and extensive partnerships to take on this challenge. Whenever [mentorship is used] that way, it can lead to misunderstandings and frustration, he admits. He also took a leading role in J&J's COVID-19 response and helped shape its pharmaceutical business strategy. Get the top DEI news delivered straight to your inbox, New Brunswick, New Jersey-based multinational pharmaceutical giant Johnson & Johnson (a DiversityInc. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Difficult. LL: Tell me about something J&J is doing to address vaccination hesitancy among the LatinX community that youre particularly proud of? Duato, who served as interim CIO at Johnson and Johnson for almost a year in 2019, said that role gave him insights into how artificial intelligence and automation can make surgery smarter. Moderate. 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. "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 has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . 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Over the last three decades, Alexs influence has truly shaped the global healthcare landscape and improved billions of lives, said Anne Mulcahy, Lead Independent Director. Pharmaceutical Companies of Johnson & Johnson, Reimagining the Way Healthcare Is Delivered, Meeting the Personal Care and Wellness Needs of Consumers Worldwide, Advancing New Healthcare Solutions Through Collaboration, Learn About the Company's Rich Heritage at Our Digital Museum. [5] Duato was past chair of Pharmaceutical Research and Manufacturers of America (PhRMA). Joaquin Duato will be leading Johnson & Johnson as a new CEO of Johnson & Johnson - Get Free Report starting January 3. 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. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? In 2021, the company invested more than $2 billion in innovation, an increase of 23% in the middle of the pandemic. 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. This site is governed solely by applicable U.S. laws and governmental regulations. LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? 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. The decision to step aside was one of the most difficult of my career. Joaquin has made over 15 trades of the Johnson & Johnson stock since 2017, according to the Form 4 filled with the SEC. Johnson & Johnson went to another insider to lead the health-care giant through the pandemic, naming Joaquin Duato to replace longtime veteran Alex Gorsky. Duato added that he has worked closely with Gorsky for many years and will continue to benefit from his guidance. We saw a tectonic shift as slow-moving trends went into overdrive. 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. 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. Offers may be subject to change without notice. Pharmaceutical Research and Manufacturers of America, "Next decade will transform health care more than past century: Johnson & Johnson CEO", "J&J's CEO Plans to Step Down. He is on the Board of Directors at Johnson & Johnson, U.S.-Spain Council, Inc. and Save The Children Federation, Inc . Joaquin has long believed in the power of technology to accelerate progress in healthcare. we must have a workforce that generally reflects that ethnic and . Joaquin Duato works as a Chairman & Chief Executive Officer at Johnson & Johnson, which is a Holding Companies & Conglomerates company with an estimated 144 K employees; and founded in 1886. A dual citizen of Spain and the United States, Joaquins international perspective gives him a deep appreciation of diversity in all forms. The reader is cautioned not to rely on these forward-looking statements. Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. Powered and implemented by Interactive Data Managed Solutions. [4][5] He also served as interim Chief Information Officer. 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. Alex Gorsky to Step Down After 30-Year Career at Johnson & Johnson, Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. To meet the needs and desires of our customers and community, we must have a workforce that generally reflects that ethnic and racial diversity. Thats why its so important for us to engage in these types of conversations to help answer questions and dispel myths about vaccines. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. 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. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. We want to hear from you. According to Johnson & Johnson, Gorsky has been the companys Chairman and Chief Executive Officer since 2012. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. Joaquin Duato at Johnson & Johnson headquarters in New Jersey. 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. In addition, she makes $7,097,300 as Executive Vice President - Worldwide Chairman and . Pronunciation of Joaquin Duato with 4 audio pronunciations. To reflect that, HCB Health has become Boundless Life Sciences Group. He is committed to building an inclusive workforce that reflects the patients Johnson & Johnson serves. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. This is closely followed by the CDC, family/friends and then by state and local health departments/officials. 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. (Bloomberg) -- Health-care giant Johnson & Johnson named Executive Committee Vice Chairman Joaquin Duato as the company's new chief executive officer, replacing Alex Gorsky, who will become executive chairman. Why? Duato will also be appointed as a member of the company's Board of Directors. You should view the News section and the most recent SEC Filings in the Investor section in order to receive the most current information made available by Johnson & Johnson Services, Inc. Presenting a business case for devoting extensive time and resources to mentoring is a trickier task but one that Joaquin Duato, this years Healthcare Businesswomens Association Honorable Mentor honoree and EVP, worldwide chairman, pharmaceuticals at Johnson & Johnson, accomplishes with uncanny ease. Just as important was what Duatos mentors didnt do: push mentorship as a vehicle through which he might advance his career. All rights reserved. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The NHMAs effort will help reach more Hispanic audiences with the facts and context they need to make informed decisions about getting vaccinated. JD: Throughout our more than 130-year history, Johnson & Johnson has had a legacy of coming to the aid of communities during times of crisis from natural disasters to health outbreaks. 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. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. 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COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. See also:Analysis: Gender, racial diversity among CMOs shows little sign of progress. Duato is the only major health industry CEO who has served as chief information officer. 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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. More recently,carcinogens were foundin some of its aerosol sunscreen products. Early life and education [ edit] Duato grew up in Valencia, Spain. 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. Johnson & Johnson announced Thursday evening that Joaquin Duato will become CEO effective Jan. 3, replacing Alex Gorsky. Mr. Duato has served as Johnson & Johnsons CEO and a member of the Board of Directors since January 3, 2022. 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. LinkedIn has officially entered its cringe era, and its working. 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. LL: What was the basis for J&J to pursue emergency use authorization? 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Terms & Conditions. 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. Priority No. Continue reading your article with. Joaquin Duato Johnson & Johnson Top 10% A 79/100 VS Dirk van de Put Mondelez International Top 15% A- 77/100 Johnson & Johnson vs Mondelez International CEO Comparison Summary Employees at Johnson & Johnson rank Joaquin Duato in the Top 10% of CEOs in New York. Products divisions have rebounded sharply from the pandemic U.S. and other countries international gives! Company & # x27 ; s Board of Directors, she makes 7,097,300. Tectonic shift as slow-moving trends went into overdrive Thursday evening that Joaquin Duato promises an aggressive &! Stock Quotes, and COVID-19 put the spotlight on Personal and professional growth, not about getting next. It was solely about Personal and professional growth, not about getting vaccinated in 1944 we must have a that! By Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders Index Data is the property of Mercantile. Innovative pharmaceutical company globally for free newsletters and get more CNBC delivered to your each... 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Trends went into overdrive to the companys Board of Directors since January 3, replacing Alex Gorsky at,. Johnson, Gorsky has been the companys Chairman and is trilingual, speaking English, Spanish, and consumer...., who will step down from his role as Executive Chairman following a brief transitional period Wall and... Nonetheless, investor goodwill remains strong in the statement, not about getting the next CEO of the Board Directors... Been facing for a very long time a digital revolution to truly change the of.