Johnson & Johnson Shakes Up Cardiovascular Leadership Amid Strategic Overhaul

Aug 27, 2024 19:05 CST Updated 19:05

Johnson & Johnson

Healthcare Product Manufacturers, Health Service Providers

▲ Article Source：Eshare Medical Device Hub

▲Please indicate the above source at the beginning of the article when reprinting.

The top seat has not been occupied for even two years, and it is about to change hands again.

It is不得不让人感叹，Johnson & JohnsonHeartVascular and Specialty Solutions Division, ChinaThis chair of presidency is not easy to sit on.

Recently, Johnson & Johnson China officially announced internally,Kevin Chen (Chu-Hui Chen), General Manager of Johnson & Johnson Medical Technology China Cardiovascular and Professional Solutions Division, and Head of External Affairs and Market Access, has submitted his resignation to the company.Decide to seek opportunities for external development.

His last working day at Johnson & Johnson is September 16, 2024.

Chen Chu Hui, Image Source: Internet

During the transition period, Edward Zhou (President of Johnson & Johnson Medical Technology China) will act as the interim manager for the CSS Division and the External Affairs and Market Access departments.

Strong Turbulence

Stability Amidst Chaos

In recent years, Johnson & Johnson has experienced significant personnel changes, including the global head of medical technology, the Asia-Pacific head, and the entire R&D team.

Behind the "major shake-up" of Johnson & Johnson's senior management lies a complete "strategic renewal" of the entire company.

In September 2023, Johnson & Johnson announced that it would rename its pharmaceutical business, Janssen, as Johnson & Johnson Innovative Medicine, forming the company’s two main businesses alongside Johnson & Johnson MedTech, which was officially renamed in 2022. The latter includes three major divisions: Cardiovascular & Specialty Solutions, Orthopaedics, and Surgery.

Johnson & Johnson Group Strategy Renewal

March 2022: Medical Device Business RenamedJohnson & Johnson Medical Technologies
September 2023: Pharmaceutical business renamedJohnson & Johnson Innovative Pharmaceuticals
October 2023: Former Global Chairman and Executive Vice PresidentAshley McEvoyResignation
Subsequently:Tim SchmidAssume the Role of Global Chairman

At Johnson & Johnson China, the heads of several major business units have also almost entirely changed over the past year.

Change of President in China Region

April 23, 2024: Chairman of Johnson & Johnson China, President of Johnson & Johnson Medical Technology ChinaSong WeiqunDeparture from Office

July 25, 2024:Zhou Mintao (Edward Zhou)Appointed as President of Johnson & Johnson Medical Technology, China.

Cardiovascular and Specialty Solutions (CSS) Division

March 2023: Former General Manager of China RegionChen XiResignation (after joiningVice President of Weigao Group）
Subsequently:Chen Chuhui Takes Over as General Manager of Johnson & Johnson China, EffectiveResignation on September 16, 2024

Orthopedics Division

March 2023: Former General Manager of China Region, Chen Min, Resigned
Subsequently:Han WeiAppointed as General Manager of Johnson & Johnson China

Other Key Positions

April 2023: Vice President of China Operations and Professional EducationWang JinheResignation (AfterJoin Huitai Medical）

The personnel changes of the global president and the China president also indicate the future global strategy and strategic changes in China for Johnson & Johnson.。

30 billion

Buy Back the "Lost Decade"

There are only a few critical moments that determine the development of a company.

In 2015, Johnson & Johnson sold its vascular medical device manufacturing division, Cordis, and announced its exit from the cardiovascular stent business, marking a landmark event in the transformation of the medical device industry.Johnson & Johnson thus missed the "golden decade" of subsequent vascular medical device development.。

In 2016,Medtronic with $28.8 billion in revenue,Exceeding Johnson & Johnson Medical Devices for the First Time，To become the "Number One in the World" in the global medical device field.

Although Johnson & Johnson currently tops the list of medical device companies with a market value of approximately $360 billion, its medical technology business revenue corresponds to a market value of about $100 billion.Medtronic surpasses Johnson & Johnson Medical Technologies to become the world's largest medical device company.

In 2023, Medtronic's revenue was$31.2 billion, andJohnson & Johnson Medical Technology revenue reached $30.4 billion, ranking second.

Nowadays, from the $16.6 billion acquisition of Abiomed to the $13.1 billion acquisition of Shockwave, each of Johnson & Johnson's acquisitions is so significant that it can be recorded in the annals of global medical device investment and financing for that year.

Currently, Johnson & Johnson Medical Technologies is pursuing a massive acquisition plan worth over three hundred billion dollars,Striving to regain its strength in the cardiovascular intervention field and re-establish its position as a market leader,Back to the top globally.

Johnson & Johnson's Investment in the Cardiovascular Field, Image Source: Medical Device Hub

However, compared with the past, the market landscape has undergone earth-shaking changes. Not only have international competitors become much stronger, but domestic emerging forces have also risen unexpectedly and quickly made a name for themselves.

Time waits for no one.

Over the past decade, the stock prices of Boston Scientific Corporation and Edwards Lifesciences Corporation, both in the cardiovascular device sector, have risen about sevenfold. Boston Scientific Corporation has consecutively achieved double-digit growth in recent years.

Each generation produces its own talents.

Each Leading the Trend for Hundreds of Years

Let's review the specific departure situation of Kevin Chen (Chen ChuHui):

"I am very sorry to inform everyone that Johnson & Johnson Medical Technology China Cardiovascular and Professional SolutionsKevin Chen, General Manager of the Case Division and Head of External Affairs and Market Access, has submitted his resignation to the company, deciding to pursue external development opportunities. His last working day at Johnson & Johnson will be September 16, 2024. During the transition period, I will assume the management responsibilities of the CSS Division, External Affairs, and Market Access departments.

During his 14-year tenure at Johnson & Johnson, Kevin held leadership positions in various business and functional departments. Guided by the company's credo, he earned respect and trust through his excellent leadership, professional expertise, and focus on talent development.

Since assuming the role of General Manager for the Cardiovascular and Specialty Solutions (CSS) division, Kevin has led his team in upholding a steadfast commitment to patients and customers. He continuously explores business growth opportunities and models, drives digital innovation, and further strengthens and enhances the competitiveness and cohesion of the team.Currently, CSS China has become an important growth engine for business expansion in the Asia-Pacific region and even globally.

Moreover, Kevin has served as Vice President of External Affairs and Market Access for over two years, collaborating closely with various business units and functional departments. He has continuously refined Johnson & Johnson Medical Technologies China’s external affairs strategies, as well as the end-to-end implementation and execution of market access strategies. He has successfully completed volume-based procurement for multiple key products, expanding access to high-quality healthcare solutions for more patients.

Kevin joined Johnson & Johnson in 2009, holding management positions in the Ethicon ASP Division, Endo Division, Harmonic Scalpel business, Gynecare Division, and Mentor Division. After returning to Johnson & Johnson in 2015, Kevin also took on important leadership roles such as Head of Channel Management, Strategic Customers, Operations, and Professional Education.

Let us all thank Kevin for his outstanding contributions to the company, and wish him all the best in his future career journey, continuing to build on his success."

Note:The above materials are from Johnson & Johnson and publicly available online resources. The content is for reference only and does not constitute investment advice. Due to potential information gaps from manual data retrieval, please contact us promptly if there are any issues. Thank you for your corrections.

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