Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The former army captain and endurance athlete who takes spin classes alongside his employees has long been speculated to one day seek political office. About Joaquin DuatoJoaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. That was a better performance than rival drugmakers Pfizer Inc. and Merck & Co., though health-care investors who opted for high-flying biotech stocks did better the Nasdaq Biotechnology Index quadrupled in that span. Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. [3], Duato began his career in Johnson & Johnson in 1989 when he joined Janssen Pharmaceutica in Spain. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. [4][5] He also served as interim Chief Information Officer. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Implementing tools and strategies to raise patient awareness and understanding of clinical trials to successfully enroll high percentages of underserved populations, 2. 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. We know that Joaquin is single at this point. That is why I believe. Johnson & Johnson is part of the Holding Companies & Conglomerates industry, and located in New Jersey, United States. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. 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. Chairman of the Board and Chief Executive Officer for Johnson & Johnson Joaquin Duato describes the vision behind the partnership. 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. 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. 2023 Fortune Media IP Limited. Aug 19, 2021 11:00PM EDT. And what we do best is to continue to develop medicines, medical devices, consumer products that improve consumer lives and also are able to address patients' needs.". With a 134-year history and 136,000 employees, J&J is known for tapping internal candidates. 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. But the new chief executive officerisnt interested in artifacts. Duato is trilingual, speaking English, Spanish, and Italian. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. It's a role that builds on his 33-year career at the company, working across all business sectors and in multiple countries around the globe. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Please click below to continue to that site. "Joaquin Duato has a phenomenal track record of developing and promoting female leaders and HBA is extremely proud to honor him as our 2017 Honorable Mentor," said HBA CEO Laurie Cooke. At Johnson & Johnson, we respect the diversity and dignity of every individual and we must use our position to not only speak out, but to take action. These statements are based on current expectations of future events. Dow Inc and private company X-energy said on Wednesday they have agreed to develop and demonstrate the first grid-scale next-generation nuclear reactor for an industrial site in North America. Alex Gorsky will step down as chief executive of Johnson & Johnson in January, ceding the role to longtime company executive Joaquin Duato, the health care giant announced Thursday. 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. Gorsky, who has served as CEO and chairman since 2012, will become. All rights reserved. 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 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. He spent nearly a decade as executive sponsor for the African Ancestry Leadership Council employee resource group and is committed to building an inclusive workforce that reflects the patients J&J serves. 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. But the 61-year-old cited family health reasons as partially motivating his departure. 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. About Johnson & JohnsonAt Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. Yet Duato plotted to rid itof itsconsumer-products legacy. We dont just talk about it, he says. 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. Priority No. 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. Duato declined to go into legal specifics. Gorsky also led Johnson & Johnsons purchase of Actelion, the largest in J&J history, which significantly expanded Johnson & Johnsons portfolio of rare-disease treatments. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the worlds largest, most diversified healthcare products company. JD: Vaccine hesitancy refers to personal reluctance or refusal of vaccines even when they are readily available. Johnson & Johnson Location 1 Johnson & Johnson Plaza, New Brunswick, New Jersey, 08933, United States Description Read More 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. LL: How do you see the healthcare industry as a whole changing due to the current pandemic? Very difficult. 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. 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. Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. In addition, she makes $7,097,300 as Executive Vice President - Worldwide Chairman and . Joaquin Duato 6d Data science and digital health have transformed how Johnson & Johnson innovates, enabling us to bring life-changing science to patients faster than ever. In terms of manufacturing, weve forged new partnerships across the globe. 3 /5. 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. The shot is still seen as important to fighting the pandemic, and J&J is working to ramp up supply through the end of the year. In addition to driving accelerated growth and profitability in our Pharmaceutical and Consumer Health businesses, in his most recent role of Vice Chairman of the Executive Committee, Joaquin helped guide our enterprise strategic planning process, encompassing all three of the Companys business segments, and was responsible for spearheading a significant technology transformation across the enterprise over the past year. Related: For more recent diversity and inclusion news, click here. About 64% of Hispanic adults now say theyve either gotten at least one dose of the vaccine or will get it as soon as they can. Subscribe to Fortune Dailyto get essential business stories straight to your inbox each morning. Anne Mulcahy, J&Js lead independent director, said the board engaged in thoughtful long-term succession planning. She described Duato as an effective and committed leader who has been critical to the companys growth. [5] Duato was past chair of Pharmaceutical Research and Manufacturers of America (PhRMA). Under his leadership, scientific expertise combined with AI and machine learning is accelerating how Johnson & Johnson confronts the most complex healthcare challenges and delivers for patients. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. Gorsky, whos been at the helm for nine years, will become executive chairman. I also want to thank Alex for his countless contributions to our Company. El gigante de productos de gran consumo y farmacutico Johnson & Johnson tendr un consejero delegado espaol. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the world's largest, most diversified healthcare products company. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. It is influenced by factors such as confidence, convenience and complacency. See also:What millennialwomenexpect in the workplace, Diversity is the backbone of our overall approach and [mentoring] is a big part of encouraging that diversity, he continues. Visit a quote page and your recently viewed tickers will be displayed here. 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. Kenneth Frazier, Gorskys longtime counterpart at Merck, gave up his CEO role just weeks ago. 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. Joaquin Duato is best known for driving the transformation of Johnson & Johnsons 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. LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Gorsky, who was at the helm for nine years, will become executive chairman. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. Joaqun Duato, hasta ahora vicepresidente del grupo, sustituir desde el 3 de . by Joaquin Duato, vice chairman of the executive committee, Johnson & Johnson Editor's note: These views and opinions do not reflect those of Deloitte or its personnel. we must have a workforce that generally reflects that ethnic and . As a member of the Company for more than 30 years, Joaquin was named Company Group Chairman of the Americas in 2009 and Executive Vice President and Worldwide Chairman, Pharmaceuticals in 2011. Once highly anticipated because it requires just a single dose, J&Js Covid vaccine has been sparsely used relative to competitors from the Pfizer Inc.-BioNTech SE partnership and Moderna Inc. after challenges at a contract manufacturer. 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. You are now leaving jnj.com. 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. To meet the needs and desires of our customers and community, we must have a workforce that generally reflects that ethnic and racial diversity. that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. Poor or inadequate communication and information can negatively influence vaccination uptake and contribute to vaccine hesitancy. Duato grew up in Valencia, Spain. Latino Leaders in Action Every ThursdayBringing you the latest news highlighting the top latinos leading our nation. 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. Even with a massive dip during last years market crash, the shares have gained 22% since the beginning of 2020. "I'm very bullish about the potential of technology in accelerating discovery and developing new medicines.". Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. 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. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. Join us at MM+M Transform: The New Era of Connectivity for an in-depth look at trends likely to inform the industrys evolution over the next 18 months. They averaged a 15% annual return, in line with the S&P 500 Index. The pharma unit Duato leads generated $33.5 billion in sales last year, growing 7.5% (compared with 4% growth for Johnson & Johnson overall). Got a confidential news tip? Leadership Team Michael J. Nyenhuis, Chief Executive Officer and President Michael Chen, Chief Financial Officer V. Rene Cutting, Chief Philanthropy Officer Shelley Diamond, Chief Marketing Officer Michael Klompus, Chief People Officer Jess Leinwand, Chief Legal Officer and General Counsel Cristina Shapiro, President of the Impact Fund for Children Darla Silva, Chief Program 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. Representation and inclusion is part of our DNA. 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. 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 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 . 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. Now its a museum parading J&Js 136-year heritage. We have to mentor and encourage the people who are here., From the May 01, 2017 Issue of MM+M - Medical Marketing and Media. Reducing and/or removing logistical barriers for underrepresented populations. "That's a sign of how much we believe in the opportunity that I was describing of combining science and technology to deliver improvements in patient care," Duato said. Our Standards: The Thomson Reuters Trust Principles. 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. Your use of the information on this site is subject to the terms of our Legal Notice. There is no bigger or better known health-care conglomerate in the world. The industry leader for online information for tax, accounting and finance professionals. #jnj #mycompany #data #innovation He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Nonetheless, investor goodwill remains strong in the company. LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? LL: What was the basis for J&J to pursue emergency use authorization? In his first interview as Johnson & Johnson CEO, Joaquin Duato says at CNBC's Healthy Returns that there will be more innovation in health care over the next ten years than in the past century. All Rights Reserved. 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 [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. 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. REGISTER BELOW, Why Johnson & Johnson is splitting itself into two publicly traded companies, How AI is detecting heart attack risk and aiming to outsmart Americas No. 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. CVS and Walgreens confirmed last month that their pharmacies were limiting the. See here for a complete list of exchanges and delays. J&J veteran Duato replaced Gorsky as CEO earlier this year after holding a variety of roles during his more than 30 years at the company. A Division of NBCUniversal. 2023 CNBC LLC. 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. We are confident that Joaquin is uniquely qualified and the right person to lead Johnson & Johnson into the future, Mulcahy said in a statement. Johnson & Johnson is spinning off its consumer health business from its biotech and medical technology and forming two companies. He also took a leading role in J&J's COVID-19 response and helped shape its pharmaceutical business strategy. Rate the pronunciation difficulty of Joaquin Duato. Please see our Privacy Policy. JD: The virus does not recognize borders. Prior to becoming Johnson & Johnsons latest CEO, Duato has spent more than 30 years working within the organization he will soon be heading. 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. Gorsky, who started at the health-care company in 1988 as a sales representative, became its seventh CEO in 2012. LL: Why is it important to have collaboration among the global public health community in times of crises? Previously, Joaquin served as the Vice Chairman of the . A dual citizen of Spain and the U.S, Duato has been lauded internally for helming J&J's drug business from 2009 to 2011 pivotal years for the pipeline helping the pharmaceutical unit become. 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.. We walk the walk.. The estimated Net Worth of Jennifer L Taubert is at least $42.8 Million dollars as of 22 November 2022. Data is a real-time snapshot *Data is delayed at least 15 minutes. [4] After moving to the USA in 2002, Duato was appointed Executive Vice President, Worldwide Chairman, Pharmaceuticals in 2011. [1] He is the chief executive officer (CEO) of Johnson & Johnson, an American multinational conglomerate. The rules of the past no longer apply after the seismic events of the past three years. 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. During that time, the sector grew into what is today the fourth-largest innovative pharmaceutical company globally. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. Joaquin Duato is surrounded by relics of the past. Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. [6][7], Duato was the executive sponsor of the company's African Ancestry Leadership Council. 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. Mr. Duato succeeds Mr. Alex Gorsky, who will step down from his role as Executive Chairman following a brief transitional period. Any forward-looking statement made in this release speaks only as of the date of this release. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. In January 2022, Joaquin Duato became Johnson & Johnson's new Chief Executive Officer. 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. [1] He is the chief executive officer (CEO) of Johnson & Johnson, an American multinational conglomerate. [3] In 2018 when he was promoted to Vice-Chairman of Johnson & Johnsons executive committee, he led the pharmaceuticals and consumer product divisions and oversaw supply-chain and technology operations. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. 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. Dual Citizenship: Duato holds dual citizenship from Spain and the United States. Our 130,000 employees mobilized with urgency to address the critical needs of families and healthcare providers in their country. 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.. "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. 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. 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. They opened my mind and made me think about higher goals. "We don't just talk about it," he says. "Mr. Duato's international . Why? This site is governed solely by applicable U.S. laws and governmental regulations. We saw a tectonic shift as slow-moving trends went into overdrive. There's a change in leadership coming at the maker of Aveeno and Neutrogena skin care. 72 in the Axios Harris Poll 100s 2021 Corporate Reputation Rankings. "I see a future in which all medical devices would be smarter, connected to the cloud, being able to provide data to the surgeons for them to be able to in real time deliver better surgical outcomes," he said. Every ThursdayBringing you the latest news highlighting the top latinos leading our.... 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