Johnson & Johnson Announces Joaquin Duato as New Chairman of the Board

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Eastern Time (ET)November 30, 2022, Johnson & Johnson (NYSE: JNJ) announced that its board of directors has electedMr. Joaquin Duato, CEO, serves as the Chairman of the Board.

This appointment will take effect from January 2023.It is reported that CEO Joaquin Duato will succeed the former Chairman of the Board, Alex Gorsky (62 years old), at that time., and after a brief transition period, Mr. Alex Gorsky will step down from his position as Executive Chairman.

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New Chairman of the Board

CEO Mr. Joaquin Duao

Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. As the CEO of the world's largest healthcare company,Joaquin leads a global workforce of 135,000 employees, developing and delivering transformative and innovative healthcare solutions in the pharmaceuticals, medical technology, and consumer health sectors.。

Joaquin Duato, CEO

Joaquin Holding an MBA degree from ESADE in Barcelona, Spainand a Master's degree in International Management from the Thunderbird School of Global Management in Phoenix, Arizona. It is reported that from Joaquin's early days in Spain,Joaquin found inspiration by focusing on how healthcare can improve patients' lives.。

Began career at Johnson & Johnson in 1988

Before being appointed as CEO, Joaquin also served as the Vice Chairman of the Executive Committee.In 1988, worked as a sales representative at Janssen Pharmaceutica,And has steered the company for nearly a decade, providing strategic guidance to the pharmaceutical and consumer health industries, while overseeing information technology and global supply chains.

Joaquin's many achievements include, during his tenure as the global chief of the industry, transforming the company's pharmaceutical business into a global giant by refocusing strategy and investments on core therapeutic areas and fields with the most unmet needs.Recently, Joaquin also supervised the company's rapid response to the COVID-19 pandemic and promoted the coordination of global initiatives., to protect the health of employees and ensure the continuity of business and supply chains, so that the company's life-saving drugs and products reach patients and communities in need.

Over his thirty years with the company, Joaquin has developed a deep understanding of Johnson & Johnson through his work across all business units, as well as in multiple regions and functional departments.During his tenure, the market value of Johnson & Johnson increased from nearly 180 billion US dollars to more than 460 billion US dollars.

And this time, Mr. Joaquin Duato also stated: "InGuided by Our Credo, I will continue to work closely with the other Directors to build on Johnson & Johnson’s success. I would also like to thank Alex for his countless contributions to our company.. He inspired an entire generation of leaders with his passion for improving human health, built the best team in the industry, and laid a solid foundation for the future of Johnson & Johnson and Kenvue, the planned new consumer health company.

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Former Chairman of the Board

Mr. Alex Gorsky

Alex Gorsky is the Chairman of the Board of Johnson & Johnson, and sinceOne of the seven leaders who have served as both Chairman of the Board and Chief Executive Officer since the company went public on the New York Stock Exchange in 1944.。

Alex began his career at Johnson & Johnson in 1988 as a sales representative at Janssen Pharmaceutica. Over the next three decades, he took on increasing responsibilities in sales, marketing, and management.Finally appointed as Chief Executive Officer and Chairman in 2012.

Alex Gorsky, Chairman of the Board

During Alex's tenure,Record-breaking levels of R&D investment, including $14.7 billion (approximately RMB 103.6 billion) in 2021 alone,And hundreds of acquisitions and partnerships have contributed to its significant growth in the medical device, pharmaceutical, and consumer health sectors. As part of Johnson & Johnson's commitment to serving more than one billion people every day,Alex also oversaw significant breakthroughs in public health, including the successful deployment of the Ebola vaccine in Africa and the development of the Johnson & Johnson single-dose COVID-19 vaccine in just 13 months.

Created multiple outstanding achievements during the term of office

During Alex's tenure as CEO, Johnson & Johnson has been widely recognizedOne of the most innovative and well-managed companies in the world, during his tenure:

• Named to Fortune's Most Admired Companies list every year
• Named by FastCompany as "The Most Innovative Company"”
• Repeatedly named to Fortune magazine's "Change the World" list
• "Ranked as the 'Best Operated Healthcare Company of 2017' in The Wall Street Journal's Management Top 250"

Alex has been promoting a more diverse and inclusive culture at Johnson & Johnson.Becoming the driving force behind many of the company's diversity, equity, and inclusion initiatives, including a $100 million commitment to combat health inequities faced by communities of color in the United States.

Under his leadership,Johnson & Johnson Becomes an Industry Leader in Oncology, Immunology, and Digital Surgery, and reimagined how one of the most iconic companies in the world can meet the healthcare needs of families globally.

Alex Gorsky said in this press release: "It is the honor of a lifetime to have the opportunity to lead Johnson & Johnson through such a pivotal time in the company's history, and I am deeply grateful to every employee, past and present.Thank them for their unwavering dedication to bringing our credo to life every day and improving the well-being of those who depend on us. It is an honor to work with each of you, and I can think of no better leader than Joaquin to chair the board as it helps guide the company to even greater achievements.

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Global Leading Healthcare Company

Johnson & Johnson

Johnson & Johnson, founded in 1886, is one of the most comprehensive healthcare enterprises with a wide range of business distributions globally.Its business spans three major fields: medical devices, pharmaceuticals, and consumer products.

Headquartered in New Jersey, USA,With more than 260 operating companies in over 60 countries and regions worldwide, and a global workforce of over 140,000 employees., and for this reason, the company has remained committed to advancing health care for 135 years, helping people stay healthy at every age and every stage of life.

Currently,As a global, comprehensive multinational healthcare enterprise with extensive business distribution,Johnson & Johnson is committed to using its broad influence to promote human health and build a better society.While striving to improve the accessibility and affordability of medicines, creating healthier communities, so that people all over the world can have healthy bodies and minds, bringing about profound changes for the development of human health.

According to the results published in Fortune and Business Week in 1997, Johnson & Johnson ranked 20th globally in market value and was listed among the top ten most admired companies in the United States.Among them, it ranked second in this year's Top 100 list, third in the Most Employee-Friendly list, and second globally in the Drug Access Index.

In 1999, the global turnover reached $27.5 billion (approximately RMB 193 billion), and in 2020, the global revenue reached $82.6 billion (approximately RMB 200.8 billion).$93.8 billion globally in 2021 (approximately RMB 658.7 billion).

According to the Q3 2022 financial report released in October, the announcement shows,Cumulative revenue for the first three quarters of fiscal year 2022 reached US$71.2 billion (approximately RMB 500.2 billion)。

ItsThis quarter, sales increased by 1.9% to $23.8 billion (approximately RMB 167.2 billion),Operational growth was 8.1%, adjusted operational growth was 8.2%. Earnings per share (EPS) were $1.68, an increase of 22.6%, adjusted earnings per share (EPS) were $2.55, a decrease of 1.9%.

Among which, the pharmaceutical business revenue was US$13.214 billion (approximately RMB 92.8 billion), a year-on-year increase of 2.6%.Medical device business revenue reached $6.782 billion (approximately RMB 47.6 billion), a year-on-year increase of +2.1%; revenue from the consumer health business was US$3.795 billion (approximately RMB 26.6 billion), a year-on-year decrease of -0.4%.

Chief Financial Officer Joe Wolk stated on the earnings call, "The company now expects full-year revenue to be $93.3 billion - $94.3 billion., lower than the previously predicted $94.8 billion - $95.8 billion, with an estimated total negative impact of $4 billion due to currency pressure."

This time, the CEO of Johnson & JohnsonJoaquin Duato Will serve as the chairman of the board and also become the eighth leader to hold dual positions in the company. Whether he canAlex Gorsky Leads the WayWill he lead the team to new heights again? Will he create multiple outstanding futures for the company? Where will Johnson & Johnson go under his leadership? Medical Device News will continue to follow.