Joaquin Duato Took Over the Reins of J&J from Alex Gorsky
- Chaileedo Press
- Dec 1, 2022
- 2 min read
Updated: Dec 1, 2022
On November 30, Johnson & Johnson announced that the Board of Directors elected Joaquin Duato, Chief Executive Officer, as Chairman of the Board, effective January 2023.
(Credit: Website)
Last August, Johnson & Johnson's website indicated that Alex Gorsky would step down as Johnson & Johnson's chief executive officer (CEO) on Jan. 3, 2022, and would serve only as executive chairman. Alex had said that he wanted to return to his family for health reasons and that this was the best time for Johnson & Johnson and his personal transition.
Alex Gorsky is 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 & Johnson writes on its official website, under Alex’s leadership, Johnson & Johnson continues to be one of the world’s exceptional corporations and is currently the number one pharmaceutical company on Fortune magazine’s list of the “World’s Most Admired Companies.”
Alex has made many achievements in his ten years at the helm of Johnson & Johnson. In Johnson & Johnson's fiscal year 2022 third-quarter earnings report, Johnson & Johnson reported revenue of $23.8 billion for the third quarter, beating previous market expectations of $23.336 billion, net income of $4.458 billion, up 21.57% year-over-year from $3.667 billion in the same period last year. In terms of transactions, the largest deal in Johnson & Johnson's history was completed, acquiring Actelion for $30 billion to advance the development of rare disease drugs.
Joaquin Duato, who takes over this role, has been with Johnson & Johnson for a whopping 32 years. He graduated from ESADE Business School in Spain and joined Johnson & Johnson in 1989 as CEO of Johnson & Johnson. Previously, Joaquin served as vice chairman of the executive committee, providing strategic direction for the pharmaceutical and consumer health sectors and overseeing information technology and the global supply chain.
“Joaquin’s appointment to the additional role of Chairman reflects his tremendous 30-year track record at Johnson & Johnson, as well as the Board’s thoughtful and engaged approach to succession planning,” said Anne Mulcahy, lead independent director.
Source: Johnson & Johnson
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