All Rights Reserved. J&J ranks No. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Joaquin Duato, who led J&J's pharmaceuticals business before becoming a Gorsky deputy, will become chief executive and join the company's board of directors. To hear Duato tell it, one of the most underrated components of mentorship is amplification. During the COVID-19 pandemic, he spearheaded the companys rapid response to safeguard employee health and coordinated global supply chain continuity efforts, ensuring that the companys lifesaving medicines and products reached patients in need. Duato, 59, has been working for the company for over 30 years. Gorsky also led Johnson & Johnsons purchase of Actelion, the largest in J&J history, which significantly expanded Johnson & Johnsons portfolio of rare-disease treatments. There is no bigger or better known health-care conglomerate in the world. 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 Companys business segments, and was responsible for spearheading a significant technology transformation across the enterprise over the past year. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. 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. Joaquin Duato (born April 1962) is a Spanish-American business executive. The decision to step aside was one of the most difficult of my career. Duato will also be appointed to the board following his transition to. JD: The virus does not recognize borders. Joaqun Duato, hasta ahora vicepresidente del grupo, sustituir desde el 3 de . Very difficult. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. A longtime advocate of diversity and inclusion and supporter of veterans issues, Alex currently sits on the Board of Directors of Apple, IBM, JPMorgan Chase, NewYork-Presbyterian Hospital, and the Travis Manion Foundation, and serves on the Wharton School of the University of Pennsylvania Board of Advisors. In his place, Joaquin Duato, the companys current Executive Committee Vice Chairman, will become the companys new CEO and a member of the companys Board of Directors. [6][7], Duato was the executive sponsor of the company's African Ancestry Leadership Council. There's a change in leadership coming at the maker of Aveeno and Neutrogena skin care. 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. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. In 2021, the company invested more than $2 billion in innovation, an increase of 23% in the middle of the pandemic. They closed at a record high of $179.47 Tuesday, buoyed by the companys portfolio of cancer and immunology drugs as patients return to hospitals after lockdown. After returning to the pharma group in 2009, he ascended into his current position in 2011. Overall, these circumstances have redoubled our efforts - and the efforts of our peers to tackle these healthcare challenges. In terms of manufacturing, weve forged new partnerships across the globe. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Behind him are 19th century baby soaps, 100-year-old Band-Aids, and other timeworn products that made Johnson & Johnson into a household name. "We understand that we have a reputation. The NHMAs effort will help reach more Hispanic audiences with the facts and context they need to make informed decisions about getting vaccinated. We also saw an urgent need to strengthen our global public health systems because the pandemic also pulled back the curtain on pressing healthcare challenges. Johnson & Johnson is spinning off its consumer health business from its biotech and medical technology and forming two companies. Easy. Already a speaker of English, Spanish and Italian, he used that brief stint to learn a different language. El espaol Joaqun Duato ser el nuevo CEO de Johnson & Johnson tras renunciar Gorsky. Joaquin Duato is surrounded by relics of the past. The rules of the past no longer apply after the seismic events of the past three years. "Mr. Duato's international . Incoming CEO Duato has also spent about 30 years with Johnson & Johnson. [1] He is the chief executive officer (CEO) of Johnson & Johnson, an American multinational conglomerate. We dont just talk about it, he says. Alex began his Johnson & Johnson career as a sales representative with Janssen Pharmaceutica in 1988. Pronunciation of Joaquin: Learn how to pronounce the word Joaquin.Definition and meaning can be found here: https://www.google.com/search?q=define+JoaquinThe. He earned an MBA from ESADE in Barcelona, Spain, and a Master of International Management from Thunderbird School of Global Management in Phoenix, Arizona. We have to mentor and encourage the people who are here., From the May 01, 2017 Issue of MM+M - Medical Marketing and Media. Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board. Were only able to tackle this problem at home if we address it worldwide. JD: Vaccine hesitancy refers to personal reluctance or refusal of vaccines even when they are readily available. The disease itself took a disproportionate toll on the Black, Latinx, Indigenous and Pacific Islander communities and it forced us to revisit the way we address and provide equitable care. 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. Poor or inadequate communication and information can negatively influence vaccination uptake and contribute to vaccine hesitancy. 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. Tylenol and Motrin are both over-the-counter medicines that are commonly used to relieve pain and reduce fevers. 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. "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. The site youre being redirected to is a branded pharmaceutical website. FORTUNE may receive compensation for some links to products and services on this website. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices 1 killer, Why Delta Air Lines' health chief thinks the airplane mask mandate will soon be lifted, Walgreens turns to robots to fill prescriptions, as pharmacists take on more responsibilities. Ultimately, we want to always reach a fair and equitable resolution in order to be able to focus on what we do best. Mr. Duato JNJ stock SEC Form 4 insiders trading. This is closely followed by the CDC, family/friends and then by state and local health departments/officials. Data is a real-time snapshot *Data is delayed at least 15 minutes. About Joaquin Duato Mr. Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Rate the pronunciation difficulty of Joaquin Duato. As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnsons opportunity to play a key role in meaningfully improving the global trajectory of human health, he said. "I'm very bullish about the potential of technology in accelerating discovery and developing new medicines.". LL: What was the basis for J&J to pursue emergency use authorization? It is extremely important for us to collaborate worldwide to help combat this disease. In his place, Joaquin Duato, the companys current Executive Committee Vice Chairman, will become the companys new CEO and a member of the companys Board of Directors. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. Continue reading your article with. (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. All Rights Reserved. Over the last three decades, Alexs influence has truly shaped the global healthcare landscape and improved billions of lives, said Anne Mulcahy, Lead Independent Director. 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 earned an MBA from ESADE at Ramon Llull University in Barcelona, Spain. These statements are based on current expectations of future events. That diversity gets us closer to our customer base, Duato points out. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 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. Educating physicians and investigators and working with diverse clinical trial personnel. Tras 30 aos en la compaa: "La decisin ha sido una de las ms difciles de mi carrera" With a 134-year history and 136,000 employees, J&J is known for tapping internal candidates. It was solely about personal and professional growth, not about getting the next job. All Rights Reserved. Aug 19, 2021 11:00PM EDT. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. 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 & Johnsons ongoing progress in improving the health of people and communities everywhere, Gorsky said in a statement. We understand that we have a high bar and a high expectation from society overall.Yes, we have some challenges when you refer to the litigation. 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. This site is governed solely by applicable U.S. laws and governmental regulations. We are confident that Joaquin is uniquely qualified and the right person to lead Johnson & Johnson into the future, Mulcahy said in a statement. Duato doesnt overtly attribute Johnson & Johnsons enduring success to its organizational makeup, but he doesnt downplay its importance the same way many other pharma higher-ups do, either. Latino Leaders in Action Every ThursdayBringing you the latest news highlighting the top latinos leading our nation. But the new chief executive officerisnt interested in artifacts. Kenneth Frazier, Gorskys longtime counterpart at Merck, gave up his CEO role just weeks ago. J&J veteran Duato replaced Gorsky as CEO earlier this year after holding a variety of roles during his more than 30 years at the company. 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. In March, the two executives clinched a deal in which Merck would manufacture J&Js Covid-19 vaccine. J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. 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. In January 2022, Joaquin Duato became Johnson & Johnson's new Chief Executive Officer. Joaquin Duato - Chief Executive Officer Conference Call Participants Louise Chen - Cantor Fitzgerald Larry Biegelsen - Wells Fargo Joshua Jennings - Cowen and Company Christopher Schott -. Duato is a dual citizen of Spain and the United States. Gorsky, whos been at the helm for nine years, will become executive chairman. Inflation will remain a factor, as some pressures alleviate this year but others remain longer, Duato said. 3 /5. A dual citizen of Spain and the United States, Joaquins international perspective gives him a deep appreciation of diversity in all forms. Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . Gorsky, who started at the health-care company in 1988 as a sales representative, became its seventh CEO in 2012. LL: Now that the vaccine is available, how can we drive access and uptake in the Latinx community? Jan 26, 2023 11:12am. "We don't just talk about it," he says. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Related: For more recent diversity and inclusion news, click here. See here for a complete list of exchanges and delays. 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. JD: With our ENSEMBLE COVID-19 vaccine clinical trial, we employed intentional focus and purposeful tracking in the clinical trial design and experience, which allowed us to achieve our enrollment targets within populations disproportionately affected by the COVID-19 pandemic. Implementing tools and strategies to raise patient awareness and understanding of clinical trials to successfully enroll high percentages of underserved populations, 2. "Overall, we've seen volatility in the consumer demand," Duato said, "but we continue to see very solid consumer business coming through and we continue to try to deliver what is best for consumers and we continue to try to mitigate our cost increases by improving our own efficiency, and in some cases also having price increases but overall, we are bullish about the potential of our consumer health business and about our ability to navigate the inflationary pressures in a way that is optimal for consumers," he said. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. 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. by Caroline Vakil - 08/19/21 7:18 PM ET. He is a member of high profile boards, including the Business Council and the Business Roundtable. Once highly anticipated because it requires just a single dose, J&Js Covid vaccine has been sparsely used relative to competitors from the Pfizer Inc.-BioNTech SE partnership and Moderna Inc. after challenges at a contract manufacturer. "We can do genomic sequencing, and at the same time with large data sets, utilize AI and machine learning to create patterns in which we can correlate diseases with genomic profiling, to identify what are going to be the underpinnings of diseases that are going to be the triggers, the targets that we are going to be able to utilize in our discovery," Duato said. He is a respected industry leader and past Chairman of the Pharmaceutical Research and Manufacturers of America. J&J veteran Duato replaced Gorsky as CEO earlier this year after . [9] In 2021, Duato was ranked #3 on the NJBIZ Manufacturing Power 50 list.[10]. As part of this, were also partnering with leading organizations on vaccine education, including the National Hispanic Medical Associations #Vaccinate4All effort. Representation and inclusion is part of our DNA. See here for a complete list of exchanges and delays. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. See also:Analysis: Gender, racial diversity among CMOs shows little sign of progress. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Pronunciation of Joaquin Duato with 4 audio pronunciations. 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. "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. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. 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. Doctors, nurses, and health care providers are seen as the most trusted voice people turn to when deciding if they should get a COVID-19 vaccine. We know that Joaquin is single at this point. Duato, 59, currently serves as vice chairman of J & J's executive committee, which involves working with the company's pharmaceutical and health sectors and overseeing its . 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. We saw a tectonic shift as slow-moving trends went into overdrive. All contents Copyright Johnson & Johnson Services, Inc.1997-2023. Gorsky joins a parade of blue-chip executives who are moving on after long careers punctuated by the pandemic. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Difficult. 2023 CNBC LLC. Johnson & Johnson is part of the Holding Companies & Conglomerates industry, and located in New Jersey, United States. 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