A dual citizen of both Spain and the U.S. and the current executive sponsor of Johnson & Johnsons African Ancestry Leadership Council, he assures that going forward, the company will remain committed to diverse thoughts and opinions under his leadership. He started at the company in 1989, working in sales in his home country of Spain. 1. "Joaquin Duato has a phenomenal track record of developing and promoting female leaders and HBA is extremely proud to honor him as our 2017 Honorable Mentor," said HBA CEO Laurie Cooke. 2023 Fortune Media IP Limited. Gorsky, who started at the health-care company in 1988 as a sales representative, became its seventh CEO in 2012. According to a recent Kaiser Family Foundation study, 75% of Hispanic adults trust their healthcare provider to give them reliable information about the available vaccines. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. JD: The healthcare industry has undergone massive change. The healthcare conglomerate is in the middle of the biggest shake-up in its 135-year history, spinning off its consumer health business under the name Kenvue. They averaged a 15% annual return, in line with the S&P 500 Index. Joaquin Duato (born April 1962) is a Spanish-American business executive. Duato added that he has worked closely with Gorsky for many years and will continue to benefit from his guidance. 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. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. All Rights Reserved. we must have a workforce that generally reflects that ethnic and . We are also taking action to support health equity in communities of color, working with partners to educate the most at-risk about vaccines and working with our partners to advance racial and ethnic health equity in COVID-19 treatment and care through a series of targeted COVID-19 focused programs. Joaquin Duato at Johnson & Johnson headquarters in New Jersey. Ultimately, we want to always reach a fair and equitable resolution in order to be able to focus on what we do best. Early life and education [ edit] Duato grew up in Valencia, Spain. All rights reserved. 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. The NHMAs effort will help reach more Hispanic audiences with the facts and context they need to make informed decisions about getting vaccinated. It is extremely important for us to collaborate worldwide to help combat this disease. About Joaquin Duato Mr. Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. by Caroline Vakil - 08/19/21 7:18 PM ET. Priority No. Yet Duato plotted to rid itof itsconsumer-products legacy. In September 2020, Janssen signed the vaccine maker pledgeto promise the public that decisions around the potential use of our vaccine candidate will be based purely on science and pre-existing guidelines from health authorities around the world. The medtech business grew 16% in 2021 even as Covid limited procedures, and advancements in surgery using AI are among the breakthroughs that the new CEO is betting on. Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. 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. Despite his incredible success, he was also quick to add just how excited he was to pass the companys rings to his successor. JD: Vaccine hesitancy refers to personal reluctance or refusal of vaccines even when they are readily available. If he doesn't abandontradition for innovation, we will be left behind, he says. 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. They opened my mind and made me think about higher goals. 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. JOIN US FOR HEALTHY RETURNS SUMMIT ON MARCH 29 2023. Gorsky, who was at the helm for nine years, will become executive chairman. 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 [3] Duato was appointed CEO in August 2021 which became effective on January 3, 2022. In 2021, the company invested more than $2 billion in innovation, an increase of 23% in the middle of the pandemic. 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. Johnson & Johnson is spinning off its consumer health business from its biotech and medical technology and forming two companies. A Division of NBCUniversal. The estimated Net Worth of Jennifer L Taubert is at least $42.8 Million dollars as of 22 November 2022. The largest trade he's ever made was exercising 148,538 units of Johnson & Johnson stock on 17 January 2023 worth over $10,774,947. Tylenol and Motrin are both over-the-counter medicines that are commonly used to relieve pain and reduce fevers. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. He spent nearly a decade as executive sponsor for the African Ancestry Leadership Council employee resource group and is committed to building an inclusive workforce that reflects the patients J&J serves. LL: How do you see the healthcare industry as a whole changing due to the current pandemic? Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. All Rights Reserved. J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Behind him are 19th century baby soaps, 100-year-old Band-Aids, and other timeworn products that made Johnson & Johnson into a household name. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information, Americans ineligible for COVID booster shots are already. 72 in the Axios Harris Poll 100s 2021 Corporate Reputation Rankings. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. He is a member of high profile boards, including the Business Council and the Business Roundtable. Research and development on the drug side is accelerating as well, he said, with a pipeline of 14 new medicines to be filed before 2025. As the world's most broadly based healthcare company, Johnson & Johnson has a 136-year legacy of innovating . That was a better performance than rival drugmakers Pfizer Inc. and Merck & Co., though health-care investors who opted for high-flying biotech stocks did better the Nasdaq Biotechnology Index quadrupled in that span. The former army captain and endurance athlete who takes spin classes alongside his employees has long been speculated to one day seek political office. After completing his undergraduate education at the U.S. Military Academy at West Point, NY, Alex served six years in the Army. These statements are based on current expectations of future events. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The role of Telehealth and remote working was more present than ever, and COVID-19 put the spotlight on personal and preventative health. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. The shot is still seen as important to fighting the pandemic, and J&J is working to ramp up supply through the end of the year. As a dual citizen of Spain and the United States, his international perspective and global lens gives him a deep appreciation of diverse thoughts and opinions. I would like to express my deep appreciation to every employee, past and present, for their steadfast commitment to bringing our Credo to life every day and to improving the well-being of those who rely on us. 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. LL: What do we know about vaccine hesitancy in the Latinx community? El gigante de productos de gran consumo y farmacutico Johnson & Johnson tendr un consejero delegado espaol. Gorsky also started his J&J career over three decades ago as a sales representative with Janssen Pharmaceuticals in 1988, and had been at the helm of the company for nearly a decade. In his first interview as Johnson & Johnson CEO, Joaquin Duato says at CNBC's Healthy Returns that there will be more innovation in health care over the next ten years than in the past century. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. (18 votes) Very easy. Nonetheless, investor goodwill remains strong in the company. You should view the News section and the most recent SEC Filings in the Investor section in order to receive the most current information made available by Johnson & Johnson Services, Inc. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. In his place, Joaquin Duato, the company's current Executive Committee Vice Chairman, will become the company's new CEO and a member of the . Joaquin Duato Johnson & Johnson Top 10% A 79/100 VS Dirk van de Put Mondelez International Top 15% A- 77/100 Johnson & Johnson vs Mondelez International CEO Comparison Summary Employees at Johnson & Johnson rank Joaquin Duato in the Top 10% of CEOs in New York. Johnson & Johnsons new CEO Duato said he is honored to be the next CEO of the company. (Podcast). About Joaquin DuatoJoaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. [8], Joaquin Duato is a board member of the U.S. Spain Council and previously served on boards with UNICEF USA, Tsinghua University School of Pharmaceutical Sciences, and the Hess Corporation. LL: How was Johnson & Johnson able to develop a vaccine in an accelerated timeframe while meeting ethical and scientific standards? As a member of the Company for more than 30 years, Joaquin was named Company Group Chairman of the Americas in 2009 and Executive Vice President and Worldwide Chairman, Pharmaceuticals in 2011. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. We have to make specific outreach to women on the STEM side. Contact Us with any questions or search this site for more information. Now its a museum parading J&Js 136-year heritage. Pronunciation of Joaquin Duato with 4 audio pronunciations. This is closely followed by the CDC, family/friends and then by state and local health departments/officials. As CEO of the world's largest healthcare company, Joaquin leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Joaquin has long believed in the power of technology to accelerate progress in healthcare. 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. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Our Credo is clear. People on the Move: Chris Womack, CEO, Southern Company, People on the Move: CVS Names Shari Slate as SVP, Chief Diversity, Equity and Inclusion Officer, People on the Move: Tarbinlam Lafon, VP, Chief Procurement Officer, Humana, People on the Move: Alice H. Chen, Centenes Chief Health Officer, Women Executives Advice on Changing Up Workplace Demographics. "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. Duato grew up in Valencia, Spain. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned Cautionary Note Regarding Forward-Looking Statements and Item 1A. And while Duato isnt the type of leader who preaches from a soapbox, he believes that pharma needs to prioritize mentoring especially of top-flight women scientists far more than other industries do. Gorsky said Duato oversaw Johnson & Johnsons response to the COVID-19 pandemic and led the coordination of global initiatives to safeguard the health of employees and ensure business and supply chain continuity.. Joaquin Duato, J&J CEO (Photo by Charles Sykes/Invision/AP) January 25, 2022 12:50 PM EST. With these additions to our global manufacturing network, we are committed to delivering 100 million single-shot doses of our COVID-19 vaccine to the U.S. government, and delivering 200 million doses to the European Union, Norway and Iceland. 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. Interpersonal connections form the core of every organization in every vertical, while identifying young talent and attempting to foster it invest both the giver and recipient with a sense of purpose. As CEO of the world's largest healthcare company, Joaquin leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. "All of them are providing significant improvements in the standard of care, and at the same time, all of them with more than a billion-dollar potential," he said. During Joaquins career with the Company, the Board has witnessed firsthand his ability to effectively lead, collaborate, and create value for all our stakeholders. Please see our Privacy Policy. But the 61-year-old cited family health reasons as partially motivating his departure. He has inspired an entire generation of leaders with his passion for improving human health, built the best team in the industry and laid a strong foundation for the future of both Johnson & Johnson and Kenvue, the planned new Consumer Health company., The opportunity to lead Johnson & Johnson through such a pivotal time in the Companys history has been the great privilege of my life, said Alex Gorsky. Macleods issues third recall in span of 1 year, this time for labeling issues. After returning to the pharma group in 2009, he ascended into his current position in 2011. 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. Educating physicians and investigators and working with diverse clinical trial personnel. Please see our Privacy Policy. Ms. Taubert owns over 76,923 units of Johnson & Johnson stock worth over $35,709,285 and over the last 4 years she sold JNJ stock worth over $0. 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. Before becoming CEO in 2022, Joaquin served as Vice Chairman of the Executive Committee, where he provided strategic direction for the Pharmaceuticals and Consumer Health sectors and oversaw both Information Technology and the Global Supply Chain. Gorsky is leaving his successor with a pile of lawsuits and controversy on the desk: The company recently reached a landmarksettlementover its alleged role in the epidemic of opioid overdoses, but additional suits remain related to its talcum-based baby powder, as well as other drugs and devices. 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. He earned his MBA from the Wharton School of the University of Pennsylvania in 1996. Difficult. Over the next three decades, he advanced through positions of increasing responsibility in sales, marketing, and management, culminating in being named CEO and Chairman in 2012. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Terms & Conditions. Incoming CEO Duato has also spent about 30 years with Johnson & Johnson. Offers may be subject to change without notice. [4][5] He also served as interim Chief Information Officer. Presenting a business case for devoting extensive time and resources to mentoring is a trickier task but one that Joaquin Duato, this years Healthcare Businesswomens Association Honorable Mentor honoree and EVP, worldwide chairman, pharmaceuticals at Johnson & Johnson, accomplishes with uncanny ease. According to Johnson & Johnson, Gorsky has been the companys Chairman and Chief Executive Officer since 2012. Our Standards: The Thomson Reuters Trust Principles. A dual citizen of Spain and the United States, Joaquins international perspective gives him a deep appreciation of diversity in all forms. The rules of the past no longer apply after the seismic events of the past three years. A dual citizen of Spain and the U.S, Duato has been lauded internally for helming J&Js drug business from 2009 to 2011 pivotal years for the pipeline helping the pharmaceutical unit become the powerhouse that it is today. AboutPressCopyrightContact. Now vice chairman of the executive committee, Duato will take the reins effective Jan. 3 and take a seat on the companys board, J&J said in a statement late Thursday. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. Got a confidential news tip? Kenneth Frazier, Gorskys longtime counterpart at Merck, gave up his CEO role just weeks ago. Under Alexs leadership, Johnson & Johnson continues to be one of the worlds exceptional corporations and is currently the number one pharmaceutical company on Fortune magazines list of the Worlds Most Admired Companies.. Deloitte does not. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges. "I see a future in which all medical devices would be smarter, connected to the cloud, being able to provide data to the surgeons for them to be able to in real time deliver better surgical outcomes," he said. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. Duato will also be appointed to the board following his transition to. Duato, who has also been at the company for more than three decades, is the vice-chair of J&J's executive committee. Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board. Mr. Duato succeeds Mr. Alex Gorsky, who will step down from his role as Executive Chairman following a brief transitional period. LinkedIn has officially entered its cringe era, and its working. You dont have to try too hard to make a human case for mentoring. J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. Duato declined to go into legal specifics. Continue reading your article with. Gorsky, the . Joaquin Duato. The site youre being redirected to is a branded pharmaceutical website. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. "We understand that we have a reputation. 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. "We can plan much better our clinical trials, we are able to create synthetic control groups instead of having placebo groups and we are also able to stratify and identify patients that are difficult to find in rare diseases utilizing algorithms that enable us to identify them," he said. Just weeks ago make informed decisions about getting vaccinated [ 4 ] [ 5 ] he also as... What do we know about Vaccine hesitancy refers to personal reluctance or refusal of vaccines when! From worldwide sources and experts Johnson into a household name outreach to women the! 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