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Recently, there have been reports that, in Johnson & JohnsonGlobal Executive Vice President, Global Chair of Johnson & Johnson Medical TechnologiesAfter Ashley McEvoy's unexpected departure,CFO Joseph J. Wolk and pharmaceuticals head Jennifer Taubert emerge as leading contenders for the CEO position.The Wall Street Journal reported thatBoth Wolk and Taubert are considered top candidates to succeed current CEO Joaquin Duato.Johnson & Johnson insiders told The Wall Street Journal that the company's board may have to look for a successor in the next three to five years.In fact,Ashley McEvoy was also considered a strong contender for this position.Even in a September profile in Fortune magazine, she was quoted as being interested in the CEO position.However, in October, Johnson & Johnson announced that McEvoy would step down to pursue other career opportunities.To ensure a smooth transition for both operations and personnel, McEvoy will remain in his position until the first quarter of 2024.Data shows,Joaquin Duato, current CEO of Johnson & Johnson, took office in January 2022.He has worked at Johnson & Johnson for more than 30 years, spanning multiple regions, functional departments, and business units.He has held leadership positions in almost all business units of Johnson & Johnson.Before serving as CEO, he was responsible for setting the strategic direction for Johnson & Johnson's pharmaceutical and consumer goods businesses and overseeing global supply chain, technology, and other teams.In September this year,Under the leadership of Joaquin Duato, Johnson & Johnson announced a brand renewal, integrating its two major businesses, medical technology and pharmaceuticals, under the name of Johnson & Johnson.Below.As the first non-U.S.-born CEO in Johnson & Johnson's 130-plus-year history,Joaquin Duato has led Johnson & Johnson into a new era in just one year since taking office. This undoubtedly presents a silent challenge for the next CEO.
Resumes of Two Popular CompetitorsAccording to The Wall Street Journal, Johnson & Johnson's Chief Financial Officer Joseph J. Wolk will run for the next CEO, becoming one of the main contenders for the position in the future alongside Jennifer Taubert, head of the pharmaceuticals division.Joseph J. Wolk （Joe）
According to the official website,Joseph J. Wolk (Joe) is the Executive Vice President and Chief Financial Officer of Johnson & Johnson, and a member of the company's Executive Committee.Play a strategic role in the overall management of the organization, leading the development and execution of the company's global long-term financial strategy. In addition, as the financial steward of Johnson & Johnson, Joe's responsibilities includeDrive competitive and profitable growth, generate sustainable cash flow, allocate capital to maximize value creation, and manage risks across the entire enterprise.Joe leads the global finance and global services organizations, which include approximately 9,000 employees worldwide.He worked at Johnson & Johnson for 25 years and served as the Chief Financial Officer in 2018.Before assuming the current position,Joe is the Vice President of Investor Relations at Johnson & Johnson. In this role, he has developed a successful strategy to build strong relationships with the investment community.And communicate Johnson & Johnson's value creation story to all external financial stakeholders. During Joe's tenure in this position, the Investor Relations department was often rated as one of the best teams in the industry by Institutional Investor.Before joining the Investor Relations Department,Joe has held various senior leadership positions across multiple departments and functional areas within the company, achieving outstanding results.He once served as the Vice President of Finance for Johnson & Johnson Innovation Medicine, the Vice President of Finance for Johnson & Johnson Medical Technology’s Global Supply Chain, and the Chief Financial Officer of the North America Innovation Medicine Group. Additionally,Joe is also a member of the Kenvue Board of Directors, the Stanford Medicine Researcher Council, the CNBC Global CFO Council, and the Wall Street Journal CFO Network.Jennifer Taubert
According to the official website,Jennifer Taubert is the Executive Vice President and Global Chair of Innovative Medicine at Johnson & Johnson, a member of the company's Executive Committee, and leads the Innovative Medicine Group Operating Committee.Jennifer is a leader in formulating global strategies for transformative healthcare innovation in the field of innovative medicine, successfully delivering critical new drugs to prevent, treat, and cure complex diseases, including cancer, immune-related disorders, severe mental illnesses, cardiovascular conditions, retinal diseases, and pulmonary arterial hypertension. Under her leadership,Johnson & Johnson has become the world's second-largest pharmaceutical company, with global revenue exceeding $50 billion.
Throughout her career, Jennifer has been dedicated to improving the lives of critically ill patients.Since joining Johnson & Johnson in 2005, she has been dedicated to benefiting an increasing number of patients worldwide through the company's transformative therapies.Jennifer led the global commercial strategy for the pharmaceutical business and later, as President of Internal Medicine, established a strong new franchise in the cardiovascular and metabolic disease areas.Served as the Chairman of the Americas Regional Company Group, doubling the business scale and outpacing industry growth to become the top pharmaceutical company in the United States and Canada.Before joining Johnson & Johnson, Jennifer held various positions at companies such as Merck and Allergan.In recognition of her impact on patients, Jennifer has been named to Fortune’s list of “Most Influential Women” for the past eight years. In 2020, Jennifer was selected by Modern Healthcare as one of the “100 Most Influential People in Healthcare” and received the 2017 “Women of Achievement” award from the National Association of Female Executives in China. Jennifer is recognized as a leader in diversity, equity, and inclusion, which she believes are critical to insight, innovation, and business success.Current CEO of Johnson & Johnson
January 2022,Joaquin Duato Takes Office as Chief Executive Officer (CEO) of Johnson & Johnson; On November 30, 2022, Johnson & Johnson announced that the Group's Board of Directors had elected Chief Executive Officer Joaquin Duato to serve as Chairman.Effective from January 2023.
Joaquin Duato
Data shows that Joaquin Duato holds an MBA from ESADE in Barcelona, Spain, and a Master's degree in International Management from the Thunderbird School of Global Management in Phoenix, Arizona.Over the past 30 years, he has held leadership positions in almost all of Johnson & Johnson's business units.Before serving as CEO, Joaquin held the position of Vice Chairman of the Executive Committee, providing strategic guidance for the pharmaceutical and consumer health businesses, and overseeing information technology and the global supply chain.
In 2019,Joaquin DuatoOnce served as the interim Chief Information Officer,This experience sparked his passion for advancing and transforming the healthcare field through intelligent automation and digitalization.
He doesn't believe that only scientists can learn from data and use it to make informed decisions. He encourages all employees to have a general understanding of technology, combining knowledge from natural sciences, biology, or business with technology to accelerate and simplify healthcare innovation.
As CEO,Joaquin DuatoHope to integrate technology into all aspects of Johnson & Johnson's work. Currently, the supply chain team is already using cutting-edge risk simulation technology to help improve delivery speed.The R&D team, on the other hand, is leveraging advances in computing and machine learning to analyze large volumes of data more quickly and make informed decisions.
In the past decade,Joaquin DuatoHe also serves as the Executive Sponsor of Johnson & Johnson’s internal employee resource group, the African American Leadership Council, providing mentorship and career development opportunities. His efforts as a mentor were recognized in 2017 when he was awarded the Honorable Mentor by the Healthcare Businesswomen’s Association, a title that acknowledges individuals who have provided long-term support to female leaders and future female leaders.
In terms of business planning,Covering oncology, immunology, infectious diseases and vaccines, neuroscience, cardiovascular and metabolic diseases, as well as pulmonary arterial hypertensionSix Major Disease Areas,Joaquin DuatoCollaborate closely with the company's Chief Scientific Officer,Develop business strategies and R&D layouts, and achieve significant results.
Johnson & Johnson Announces Brand RevitalizationA New Chapter in Healthcare
Since 2023, under the leadership of Joaquin Duato, Johnson & Johnson has frequently announced new developments to address severe market challenges.In August this year, Johnson & Johnson successfully completed the spin-off of its consumer health business;In October, Johnson & Johnson disclosed the progress of its orthopedics business restructuring,Measures were taken in the third quarter to improve the future profitability of medical technology.Implement a restructuring plan aimed at simplifying and centralizing orthopedic business operations.The reorganization is expected to be completed by the end of 2025 at a cost of $700 million to $800 million, but it will enhance the division's ability to meet product demand.It is worth mentioning that in September this year, Johnson & Johnson announced a brand renewal, which willThe two major businesses of medical technology and pharmaceuticals are integrated under the name of Johnson & Johnson.Demonstrate the company's cross-business comprehensive strength in the healthcare field, continuously promote healthcare innovation, address the most severe health challenges, and advance the development of global health.
Johnson & Johnson Unveils New Brand IdentityBased on the company's industry expertise in both innovative pharmaceuticals and medical technology,The new Johnson & Johnson will focus on promoting the prevention, diagnosis, treatment, and cure of complex diseases, delivering smarter, less invasive, and more personalized healthcare solutions.In the future, the two major businesses of Johnson & Johnson will be more closely connected under the Johnson & Johnson brand., the company's pharmaceutical business, Janssen, will be renamed Johnson & Johnson Innovative Medicine, while Johnson & Johnson MedTech will remain unchanged.With science and compassion, Johnson & Johnson Innovative Medicine confidently focuses on areas such as oncology, immunology, neuroscience, cardiovascular diseases, pulmonary hypertension, and retinal conditions to address the most complex diseases of our time and develop cutting-edge treatments for the future.Johnson & Johnson Medical Technologies（Johnson & Johnson MedTech）BusinessIt focuses on innovation at the intersection of biology and technology, committed to addressing the most pressing global healthcare challenges.Fully leverage the company's role inProfound strength in the fields of surgery, orthopedics, ophthalmology, and interventional solutions,Develop smarter, less invasive, and more personalized medical solutions.Joaquin Duato, Chairman of the Board and Chief Executive Officer of Johnson & Johnson, said: "Our unparalleled strengths in innovative pharmaceuticals and medical technology empower us to continuously break new ground and forge ahead with courage across the entire healthcare industry."Unifying our diversified businesses under the renewed Johnson & Johnson brand further highlights this unique advantage. We will reshape the future of health through transformative innovation and always practice our credo values."Fully serve the needs of patients and medical workers."
Strong Growth in Q3 2023 PerformanceJohnson & Johnson Raises Full-Year ForecastUnder the leadership of Joaquin Duato, Johnson & Johnson has also achieved strong growth in performance.
In 2022, Johnson & Johnson achieved a revenue of $94.94 billion, representing a year-on-year increase of 1.3%.(Excluding COVID-19 vaccine revenue, the full-year revenue for 2022 was $92.764 billion, a year-on-year increase of 1.5%);Net profit of $17.94 billion.Screenshot from Johnson & Johnson's financial reportAmong them,Johnson & Johnson's medical device revenue in 2022 was $27.4 billion, accounting for 28.9% of the company's total revenue, with a year-on-year increase of 1.4%.In terms of specific device fields, surgical operations are Johnson & Johnson's largest device business, accounting for 35%; orthopedics is the second largest device business, accounting for 31%.
By the end of 2022,Johnson & Johnson Medical Technology Acquires Medical Technology Company Abiomed for $16.6 Billion. The acquisition will expand Johnson & Johnson's presence in the cardiovascular sector.Especially in the comprehensive strength of heart failure and rehabilitation. However, in 2023, the FDA issued two Class I recalls for Abiomed's product, Impella.By 2023, the latest financial data from Johnson & Johnson shows,Johnson & Johnson's revenue in the third quarter of 2023 was $21.35 billion, a year-on-year increase of 6.8%, surpassing the expected $21.04 billion; net profit reached $4.31 billion.Remained flat compared to the same period last year. Moreover, due to a significant increase in sales of the company's pharmaceuticals and medical devices businesses, it raised its full-year forecast.Full-year sales for 2023 are expected to be $83.6 billion to $84.0 billion.
Screenshot from Johnson & Johnson's financial report
According to the report, in Q3 2023, Johnson & Johnson's pharmaceutical business revenue reached $13.89 billion, increasing by more than 5% year-over-year.Medical device business revenue reached nearly $7.46 billion, a year-on-year increase of 10%.Johnson & Johnson stated,The growth mainly came from electrophysiology products, and in December last year, it was related to the artificial heart manufacturer Abiomed.The business drove growth after the acquisition.Moreover, the orthopedics business revenue was $2.164 billion, a year-on-year increase of 3.4%; the ophthalmology business revenue was $1.256 billion, a year-on-year increase of 4.2%.Joaquin Duato stated: "Johnson & Johnson achieved strong performance in Q3 2023 and made significant progress in accelerating the R&D pipeline, laying a solid foundation for the company's continued growth in the future."With a further focus on innovative pharmaceuticals and medical technology, Johnson & Johnson is strongly promoting comprehensive innovation development in the healthcare industry.Obviously, inUnder the leadership of Joaquin Duato, Johnson & Johnson is thriving. For the company itself, this is undoubtedly an "ace," but it also raises the bar for the next CEO.So, who will be the future CEO of Johnson & Johnson? The current top contenderJoseph J. Wolk andCan Jennifer Taubert smoothly take over as the next leader? We will continue to follow and report.
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