J&J CEO Gorsky to step down, firm veteran to steer in 2022

Johnson & Johnson will exchange Chairman and CEO Alex Gorsky with one other veteran firm govt beginning subsequent yr.

The world’s largest maker of well being care merchandise stated late Thursday that Joaquin Duato will turn into CEO and a member of the corporate’s board of administrators on January 3.

Duato presently serves as vice chairman of J & J’s govt committee, which includes working with the corporate’s pharmaceutical and well being sectors and overseeing its world provide chain.

Duato, a twin citizen of Spain and the USA, has been with Johnson & Johnson for greater than 30 years, the corporate stated.

Gorsky has served as chairman and CEO since 2012 and can turn into govt chairman of the board.

J&J reported a 73% soar in second-quarter revenue final month, pushed by robust gross sales progress as hospitals and different components of the well being care business rebounded from COVID-19 pandemic slowdowns the earlier yr.

The New Brunswick, New Jersey, firm made greater than $6 billion within the second quarter however acquired little assist from its one-shot COVID-19 vaccine, which introduced in simply $164 million in gross sales. The vaccine — one among three accredited to be used in the USA — has been affected by considerations about some very uncommon unwanted side effects and the short-term shutdown of a contract producer’s manufacturing facility as a consequence of contamination issues.

Gorsky, who joined Johnson & Johnson in 1988, oversaw the corporate’s biggest-ever acquisition, a $30-billion deal for Swiss biopharmaceutical firm Actelion that was accomplished in 2018.

The corporate additionally famous that funding in analysis and improvement has jumped greater than 60% throughout Gorsky’s tenure to $12 billion final yr, with oncology being a spotlight.

Shares of J & J slipped 76 cents to $177.81 Friday earlier than markets opened. However the inventory worth has climbed greater than 12% to date this yr.