Johnson & Johnson CEO Alex Gorsky to Transition to Executive Chairman in 2022

By Julie A. Vetalice

Johnson & Johnson CEO Alex Gorsky to Transition to Executive Chairman in 2022

Johnson & Johnson announced that Mr. Alex Gorsky, currently Chairman and Chief Executive Officer, will serve as Executive Chairman of Johnson & Johnson and transition the Chief Executive Officer role to Mr. Joaquin Duato, currently Vice Chairman of the Company's Executive Committee, effective January 3, 2022. Following the transition of the Chief Executive Officer role, Mr. Duato will also be appointed as a member of the Company's Board of Directors.

Mr. Gorsky has served as Chairman and Chief Executive Officer of Johnson & Johnson since 2012. During his tenure, Mr. Gorsky has overseen a more than 60% increase in R&D investments to $12 billion in 2020, making Johnson & Johnson one of the industry's top investors in research and development, as well as hundreds of acquisitions and partnerships that contributed to the Company's growth across its three segments and an increase in adjusted earnings per share of approximately 85% based on 2021 guidance. Mr. Gorsky has also led the Company in transforming its Medical Devices business with a focus on electrophysiology, surgery, orthopaedics, vision care, and robotic and digital surgery. Under Mr. Gorsky's leadership, the Company has delivered exceptional financial performance, with its market capitalization growing from nearly $180 billion to more than $470 billion as the share price increased over 170%.

Mr. Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. As Vice Chairman of the Executive Committee, he provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. As a dual citizen of Spain and the United States, Mr. Duato's international perspective and global lens gives him a deep appreciation of diverse thoughts and opinions. He is a past chair of PhRMA, and sits on the boards of UNICEF USA, Tsinghua University School of Pharmaceutical Sciences and the Hess Corporation. As the current executive sponsor of Johnson & Johnson's African Ancestry Leadership Council, Mr. Duato is committed to nurturing a diverse, equitable and inclusive workplace — work recognized by the Healthcare Businesswomen's Association in 2017 when he received the Honorable Mentor award. He earned an MBA from ESADE in Barcelona, Spain, and a Master of International Management from Thunderbird in Phoenix, Arizona.

Source: Johnson & Johnson