Johnson & Johnson (NYSE: JNJ) announced Thursday that CEO Alex Gorsky would be stepping down in January. Gorsky will continue his role in the company as executive chairman, according to a news release.
Joaquin Duato, the vice chairman of Johnson & Johnson’s executive committee, will be transitioning into the role of CEO starting January 3. Duato has been with the company for over 30 years, serving in several roles within the business.
“As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnson’s opportunity to play a key role in meaningfully improving the global trajectory of human health,” Duato said.
In the release, Duato revealed he was “honored” by the appointment.
“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 company’s business segments, and was responsible for spearheading a significant technology transformation across the enterprise over the past year,” Gorsky said.
Gorksy experienced many trials and tribulations amid his time as CEO, including the Covid-19 pandemic, where J&J was able to develop a one-dose vaccine. Furthermore, the company was sued in regards to its talcum powder and claims that it caused cancer, J&J made the decision to stop selling the product in 2020.
“It has been an honor and privilege to lead this company as chairman and CEO for nearly a decade, and I am pleased to serve as executive chairman to help oversee Johnson & Johnson’s ongoing progress improving the health of people and communities everywhere,” Gorsky said.