Previously, Joaquin served as the Vice Chairman of the . 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 has dual citizenship between the U.S. and Spain, and is involved with boards such as UNICEF USA, Tsinghua University School of Pharmaceutical Sciences and the Hess Corporation, is past. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Beginning early last year, we initiated a multipronged response to the COVID-19 pandemic, which includes developing a vaccine, and providing support to those most in need. Gorsky, whos been at the helm for nine years, will become executive chairman. All Rights Reserved. Gorsky joins a parade of blue-chip executives who are moving on after long careers punctuated by the pandemic. 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. Mr. Duato JNJ stock SEC Form 4 insiders trading. 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. We have the utmost confidence that he will continue to be an excellent steward of the business and look forward to working closely with him in this next chapter., Mr. Duato said, Guided by our Credo, I will continue to work closely with the other Directors to build on Johnson & Johnsons success. We saw a tectonic shift as slow-moving trends went into overdrive. In this podcast, Matt Botkin, SVP, business development (health systems) at Doceree, throws light on how the pharmaceutical industry can leverage technology to address the issue of healthcare affordability. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Your use of the information on this site is subject to the terms of our Legal Notice. FORTUNE may receive compensation for some links to products and services on this website. "I'm very bullish about the potential of technology in accelerating discovery and developing new medicines.". He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology operations. 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. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. (Podcast). Already a speaker of English, Spanish and Italian, he used that brief stint to learn a different language. A dual citizen of Spain and the United States, Joaquins international perspective gives him a deep appreciation of diversity in all forms. Duato said the company is gaining share in its priority medtech platforms and expects "good" performance this year. Johnson & Johnson, which is a bellwether in the health-care sector for hospital surgeries and procedures, has seen Covid pressure the overall business, but the CEO noted ahead of the upcoming earnings season that it did see good performance in its medical device business in 2021, with close to 16% growth, even as Covid weighed on activity and in particular, elective procedures. 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. Joaquin Duato helped mastermind the health giant's breakup. 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. Any forward-looking statement made in this release speaks only as of the date of this release. Our Company has an unmatched healthcare platform: we are a global pharmaceutical leader with a robust pipeline of transformational and innovative medicines, our Medical Device business is at the forefront of applying cutting-edge technology to deliver physician and patient-centric products and solutions and our Consumer Health business continues to evolve its portfolio of iconic heritage brands and innovative growth brands, he said. 08.23.21. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. We walk the walk.. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. Ultimately, we want to always reach a fair and equitable resolution in order to be able to focus on what we do best. that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. Please click below to continue to that site. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . 8 Enthusiasm for getting the COVID-19 vaccine continues to grow among people across racial and ethnic backgrounds, with the largest increase among Black adults. LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? Inflation will remain a factor, as some pressures alleviate this year but others remain longer, Duato said. articles a month for anyone to read, even non-subscribers! LL: Tell me about something J&J is doing to address vaccination hesitancy among the LatinX community that youre particularly proud of? We are confident that Joaquin is uniquely qualified and the right person to lead Johnson & Johnson into the future, Mulcahy said in a statement. Next Tuesday, when the company is set to reveal its fourth-quarter performance, investors will also be paying attention to what Joaquin Duato, a longtime J&J exec who became CEO earlier this month, has to say about the direction of the company. Johnson & Johnson has faced multiple lawsuits over products and medical devices, fromtalc to hip replacement and opioids, which have resulted in significant financial settlements, without any admission of wrongdoing, as well as ongoing litigation. When the COVID-19 pandemic began he oversaw the Companys rapid response to the crisis and drove coordination of global initiatives to safeguard the health of employees, ensure business and supply chain continuity, and accelerate the development of a COVID-19 vaccine. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. (RTTNews) - Johnson & Johnson said that its vice chairman, Joaquin Duato, will become chief executive officer of the company on 3rd January 2022, with Chairman and chief . Duato is the only major health industry CEO who has served as chief information officer. Your use of the information on this site is subject to the terms of our Legal Notice. . (Bloomberg) -- Health-care giant Johnson & Johnson named Executive Committee Vice Chairman Joaquin Duato as the company's new chief executive officer, replacing Alex Gorsky, who will become executive chairman. Johnson & Johnsons new CEO Duato said he is honored to be the next CEO of the company. This site is governed solely by applicable U.S. laws and governmental regulations. They created a strong foundation of trust and collaboration and mutual respect.. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. Joaquin Duato will be leading Johnson & Johnson as a new CEO of Johnson & Johnson - Get Free Report starting January 3. 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. Pronunciation of Joaquin Duato with 4 audio pronunciations. All Rights Reserved. With a 134-year history and 136,000 employees, J&J is known for tapping internal candidates. 1, Duato told CNBC's Meg Tirrell at Healthy Returns on Wednesday, is the opportunity "to create more progress in health in this decade than we have seen in the last 100 years.". He added that he saw a profound impact of Johnson & Johnsons medicines over his 30-year career with the company, which includes investment in research and development and drove global advances in healthcare over the past decade. 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. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 2023 Fortune Media IP Limited. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. 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. 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. 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 Mr. Duato originally joined the Company in 1989. Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. LL: How was Johnson & Johnson able to develop a vaccine in an accelerated timeframe while meeting ethical and scientific standards? Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. Recent surveys show Black and Hispanic adults are more likely to take a wait and see approach to getting a COVID-19 vaccine, but are also as likely as white adults to say they definitely will not take one. 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. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. JD: We are a proud supporter of the National Hispanic Medical Association (NHMA) Vaccinate 4 All program that will train and support a cadre of physician leaders around the country to speak with local, regional and national media. Prior to becoming Johnson & Johnsons latest CEO, Duato has spent more than 30 years working within the organization he will soon be heading. Easy. Create your free account or log in to continue reading this premium content. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Rate the pronunciation difficulty of Joaquin Duato. New compounds can be measured against a single cell to more rapidly identify pharmacological activity, such as expected toxicities, and accelerate the development of new medicines. Pharma. His career in healthcare was influenced by his family. "We are very optimistic about the treatment modalities that we are bringing, like cell therapy that are going to enable us have an aspiration to be able to cure some diseases that were thought to be incurable," he said. At Johnson & Johnson, were mobilizing to support organizations that meet underrepresented communities where they are and engage at the grassroots level by involving respected elected representatives, trusted local and national faith leaders, community advocates, and other national and local organizations. I have the utmost confidence in Joaquin to lead Johnson & Johnson as the Companys next CEO, Gorsky said. Get this delivered to your inbox, and more info about our products and services. 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. 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. Duato cited the recent approval of CARVYKTI, an antigen receptor T-cell therapy for the treatment of multiple myeloma, which helped 98% of patients who were otherwise likely to be headed for hospice care. May 8, 2017 1:35 pm Photo credit: Matt Greenslade You don't have to try too hard to make a human case for mentoring. As he takes the reins, he'll need to convince skeptics on Wall Street his pursuit of tech-industry luster goes far enough. Procter & Gamble Co.s David Taylor is stepping down in November, and Walt Disney Co. Chairman Bob Iger is leaving at the end of the year. Whenever [mentorship is used] that way, it can lead to misunderstandings and frustration, he admits. LL: Now that the vaccine is available, how can we drive access and uptake in the Latinx community? Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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. Thats my number one concern.. Our Standards: The Thomson Reuters Trust Principles. Alex Gorsky to Step Down After 30-Year Career at Johnson & Johnson, Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. On the edge of Johnson & Johnsons New Brunswick, New Jersey campus, Duato is giving his first sit-down interview from within the companys oldest building, which once produced energy for its factories. 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. Duato will also be appointed to the board following his transition to. If he doesn't abandontradition for innovation, we will be left behind, he says. Copyright 2023 Haymarket Media, Inc. All Rights Reserved This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. 4. He earned an MBA from ESADE in Barcelona, Spain, and a Master of International Management from Thunderbird School of Global Management in Phoenix, Arizona. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, S&P 500 Slumps to Lowest in Nearly Six Weeks: Markets Wrap, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. You are now leaving jnj.com. Contact Us with any questions or search this site for more information. The role of Telehealth and remote working was more present than ever, and COVID-19 put the spotlight on personal and preventative health. JD: Johnson & Johnson has been committed to combatting this pandemic from the beginning, in fact, we announced in January 2020 that we were leveraging our innovative vaccine technology platform to help fight COVID-19. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Got a confidential news tip? Contact Us with any questions or search this site for more information. Joaquin Duato is surrounded by relics of the past. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. During that time, the sector grew into what is today the fourth-largest innovative pharmaceutical company globally. Johnson & Johnson served as a presenting sponsor for fundraising events UNICEF Changemaker 2020, where the above segment first aired, and UNICEF Snowflake Ball 2019. As J&J prepares to split into two companies, Duato said that separating the consumer brands like Band-Aid, Tylenol, Neutrogena and Listerine from medical technology and pharmaceuticals will help the company be at the forefront of surgical techniques that transform health care. Sign up for free newsletters and get more CNBC delivered to your inbox. Gorsky also led Johnson & Johnsons purchase of Actelion, the largest in J&J history, which significantly expanded Johnson & Johnsons portfolio of rare-disease treatments. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors (a $60 billion portfolio) and oversees the Global Supply Chain, Technology and Health & Wellness teams. Reducing and/or removing logistical barriers for underrepresented populations. Terms & Conditions. Was Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988 we saw a shift! 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