(Podcast). 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. by Joaquin Duato, vice chairman of the executive committee, Johnson & Johnson Editor's note: These views and opinions do not reflect those of Deloitte or its personnel. Chairman of the Board and Chief Executive Officer. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. Despite his incredible success, he was also quick to add just how excited he was to pass the companys rings to his successor. All Rights Reserved. FORTUNE may receive compensation for some links to products and services on this website. From 2018, he added responsibilities for the company's consumer business,. 4. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. Now its a museum parading J&Js 136-year heritage. La farmacutica estadounidense Johnson & Johnson (J&J) anunci . Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. 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. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Duato, 59, has been working for the company for over 30 years. Moderate. Nonetheless, investor goodwill remains strong in the company. Risk Factors, in the Companys most recently filed Quarterly Report on Form 10-Q and the Companys subsequent filings with the Securities and Exchange Commission. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Partnering with minority health and community advocacy groups, such as the National Black Church Initiative (NBCI), 3. 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. Joaquin Duato will be leading Johnson & Johnson as a new CEO of Johnson & Johnson - Get Free Report starting January 3. Duato received a Master of Business Administration from ESADE Business School in Barcelona, Spain, and a Master of International Management from the Thunderbird School of Global Management in Phoenix, Arizona. Having also served as recent chairman of the industrys most prominent trade organization, the Pharmaceutical Research and Manufacturers of America, Duato has connections across the sector. 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Joaquin Duato 6d Data science and digital health have transformed how Johnson & Johnson innovates, enabling us to bring life-changing science to patients faster than ever. Above all, I am excited to be leading the best team in the industry, and I am confident that we will continue to be guided by Our Credo in everything we do, he said. 2023 CNBC LLC. It's a role that builds on his 33-year career at the company, working across all business sectors and in multiple countries around the globe. Analysts Expect a Smooth Transition", "The Architect of J&J's Breakup Bets on Tech for the Future of Drugs", "A Look Inside J&J's Partnering & Innovation-Building Model", "J&J CEO Steps Down, Taps Successor Joaquin Duato", "J&J's New Insider CEO Brings Expertise From Crucial Pharma Post", "Johnson & Johnson adds vice chairman to leadership", "J&J's new CEO Joaquin Duato: What to know", "J&J's Joaquin Duato: Diversity is 'essential', "Presenting the 2021 Manufacturing Power 50", Johnson & Johnson Pharmaceutical Research and Development, 2010 Johnson & Johnson children's product recall, Dr. Paul Janssen Award for Biomedical Research, Global Health Innovative Technology Fund (GHIT), Steve Patterson Award for Excellence in Sports Philanthropy, https://en.wikipedia.org/w/index.php?title=Joaquin_Duato&oldid=1125964304, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 6 December 2022, at 20:42. Data is a real-time snapshot *Data is delayed at least 15 minutes. JD: The healthcare industry has undergone massive change. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. (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. During his tenure, J&J's market capitalization rose to over $460 billion from nearly $180 billion. REGISTER BELOW, Why Johnson & Johnson is splitting itself into two publicly traded companies, How AI is detecting heart attack risk and aiming to outsmart Americas No. He started at the company in 1989, working in sales in his home country of Spain. As the world's most broadly based healthcare company, Johnson & Johnson has a 136-year legacy of innovating . J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. All Rights Reserved. As he takes the reins, he'll need to convince skeptics on Wall Street his pursuit of tech-industry luster goes far enough. Duato will receive the award during the Esade Alumni Annual Conference, which will take place on 27th June at Teatre Nacional de Catalunya.. Duato, who was appointed CEO in January 2022, has been selected as the winner of this year's Esade Award for his responsible . Duato said the company is gaining share in its priority medtech platforms and expects "good" performance this year. Previously, Joaquin served as the Vice Chairman of the . The former army captain and endurance athlete who takes spin classes alongside his employees has long been speculated to one day seek political office. Contact Us with any questions or search this site for more information. It has been an honor to work alongside each of you, and I could not think of a better leader than Joaquin to lead the Board as it helps guide the Company to even greater achievements.. 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. "We don't just talk about it," he says. 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. Educating physicians and investigators and working with diverse clinical trial personnel. Poor or inadequate communication and information can negatively influence vaccination uptake and contribute to vaccine hesitancy. Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board. LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? [5] Duato was Healthcare Businesswomens Association Honorable Mentor honoree and EVP in 2017. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. It is influenced by factors such as confidence, convenience and complacency. 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. Mr. Duato originally joined the Company in 1989. Joaquin Duato is best known for driving the transformation of Johnson & Johnsons Pharmaceutical sector into a global powerhouse by refocusing strategy and investment around core therapeutic areas with the greatest potential for business growth and impact on human health. The vaccine technology platform was designed to help the global health community better prepare for and combat life threatening infectious disease outbreaks and aided in the accelerated development of vaccines. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. 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. J&J announced in November that it is planning to split into two publicly traded companies: one focusing on consumer health, and the other housing its prescription-drug and medical-device. 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. In March, the two executives clinched a deal in which Merck would manufacture J&Js Covid-19 vaccine. "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. Duato notes with some justifiable pride that the pharma groups leadership team includes six women, with two of its three commercial regions led by women. JD: At this crucial moment, our society needs as many adults as possible to get vaccinated, and as quickly as possible. They opened my mind and made me think about higher goals. 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. About 64% of Hispanic adults now say theyve either gotten at least one dose of the vaccine or will get it as soon as they can. Pharmaceutical Companies of Johnson & Johnson, Reimagining the Way Healthcare Is Delivered, Meeting the Personal Care and Wellness Needs of Consumers Worldwide, Advancing New Healthcare Solutions Through Collaboration, Learn About the Company's Rich Heritage at Our Digital Museum. Behind him are 19th century baby soaps, 100-year-old Band-Aids, and other timeworn products that made Johnson & Johnson into a household name. Contact Us with any questions or search this site for more information. Overall, these circumstances have redoubled our efforts - and the efforts of our peers to tackle these healthcare challenges. J&J ranks No. 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. If he doesn't abandontradition for innovation, we will be left behind, he says. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. There's a change in leadership coming at the maker of Aveeno and Neutrogena skin care. 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. According to Johnson & Johnson, Gorsky has been the companys Chairman and Chief Executive Officer since 2012. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Pharma. Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Duato will also be appointed as a member of the company's Board of Directors. He leads a global workforce of 135,000 employees in developing and delivering . Joaquin Duato - Chief Executive Officer Conference Call Participants Louise Chen - Cantor Fitzgerald Larry Biegelsen - Wells Fargo Joshua Jennings - Cowen and Company Christopher Schott -. We believe we have a responsibility to step in and invest in solutions for global public health crises, and we are proud to be contributing to the global COVID-19 response. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. The consumer business is more affected by inflationary pressures and there is more concern throughout the market and economy that consumers will begin to buy "off brand" products when they have the option. Powered and implemented by Interactive Data Managed Solutions. We are confident that Joaquin is uniquely qualified and the right person to lead Johnson & Johnson into the future, Mulcahy said in a statement. 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. As a global company, we were already working around the world, but the pandemic pushed us to leverage our deep scientific expertise and extensive partnerships to take on this challenge. Joaquin Duato. 72 in the Axios Harris Poll 100s 2021 Corporate Reputation Rankings. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Joaquin Duato (born April 1962) is a Spanish-American business executive. From his early days in Spain, Joaquin found inspiration in how healthcare improved patients lives. He lives in Pennsylvania with his wife and has two grown children. Dow Inc and private company X-energy said on Wednesday they have agreed to develop and demonstrate the first grid-scale next-generation nuclear reactor for an industrial site in North America. Deloitte does not. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. LinkedIn has officially entered its cringe era, and its working. Aug 19, 2021 11:00PM EDT. JD: Vaccine hesitancy refers to personal reluctance or refusal of vaccines even when they are readily available. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. I have the utmost confidence in Joaquin to lead Johnson & Johnson as the Companys next CEO, Gorsky said. Machine learning, when combined with genetics, is also accelerating the discovery and development of new medicines. But the 61-year-old cited family health reasons as partially motivating his departure. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. Salesforce stock jumps 13% after earnings, revenue top estimates. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the worlds largest, most diversified healthcare products company. 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 He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . 3 We also partnered closely with the US government throughout the development process to ensure we were meeting important ethical and scientific standards. 1, Duato told CNBC's Meg Tirrell at Healthy Returns on Wednesday, is the opportunity "to create more progress in health in this decade than we have seen in the last 100 years.". When the COVID-19 pandemic began he oversaw the Companys rapid response to the crisis and drove coordination of global initiatives to safeguard the health of employees, ensure business and supply chain continuity, and accelerate the development of a COVID-19 vaccine. Create your free account or log in to continue reading this premium content. 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. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. His career in healthcare was influenced by his family. The best ideas and solutions happen when people bring their uniqueness to work with them. Joaquin has made over 15 trades of the Johnson & Johnson stock since 2017, according to the Form 4 filled with the SEC. 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. Dual Citizenship: Duato holds dual citizenship from Spain and the United States. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. Sign up for free newsletters and get more CNBC delivered to your inbox. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. In his current role, he provides strategic direction for the Pharmaceutical and Consumer Health sectors (a $60 billion portfolio) and oversees the Global Supply Chain, Technology and Health & Wellness teams. Difficult. Johnson & Johnson JNJ has long been viewed as a bellwether stock for other health care companies, given its early slot in the earnings calendar and a business model that spans everything from hip implants to rheumatoid arthritis drugs and Band-Aids. As part of this, were also partnering with leading organizations on vaccine education, including the National Hispanic Medical Associations #Vaccinate4All effort. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. I can trace the most important turning points in my career like moving from Europe to the U.S., or moving from pharma into medical devices to having a strong female mentor who supported me, he says. "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. Johnson & Johnsons new CEO Duato said he is honored to be the next CEO of the company. 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 Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. 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. This is closely followed by the CDC, family/friends and then by state and local health departments/officials. All contents Copyright Johnson & Johnson Services, Inc.1997-2023. In the U.S., this included significant representation of Black, Hispanic/Latinx, American Indian and Alaskan Native participants in the ENSEMBLE clinical trial. Join us at MM+M Transform: The New Era of Connectivity for an in-depth look at trends likely to inform the industrys evolution over the next 18 months. (Reuters) -Johnson & Johnson on Thursday appointed Joaquin Duato as chief executive officer to replace veteran Alex Gorsky to steer the healthcare conglomerate through the remainder of the . "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. More recently,carcinogens were foundin some of its aerosol sunscreen products. During Joaquins career with the Company, the Board has witnessed firsthand his ability to effectively lead, collaborate, and create value for all our stakeholders. "I'm very bullish about the potential of technology in accelerating discovery and developing new medicines.". Most of all, I am humbled to lead our talented and dedicated team of 136,000 associates around the world, and I am immensely proud of how we have upheld the Companys 134-year legacy of delivering solutions to address the worlds most urgent, unmet healthcare needs, he said. 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. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. "We don't just talk about it," he says. Joaquin Duato, J&J CEO (Photo by Charles Sykes/Invision/AP) January 25, 2022 12:50 PM EST. At Johnson & Johnson, we respect the diversity and dignity of every individual and we must use our position to not only speak out, but to take action. (18 votes) Very easy. 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. Thats why for more than 135 years, we have aimed to keep people well at every age and every stage of life. 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.. 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. See also:Analysis: Gender, racial diversity among CMOs shows little sign of progress. He is committed to building an inclusive workforce that reflects the patients Johnson & Johnson serves. Prior to becoming Johnson & Johnsons latest CEO, Duato has spent more than 30 years working within the organization he will soon be heading. 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. Johnson & Johnson is part of the Holding Companies & Conglomerates industry, and located in New Jersey, United States. 08.23.21. 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Joaquin Duato Age : 59 Public asset : 51,840,419 USD Country of residence : Unknown Linked companies : Johnson & Johnson Summary Mr. Joaquin Duato is a Chairman & Chief Executive Officer at Johnson & Johnson. They created a strong foundation of trust and collaboration and mutual respect.. Mr. Duato has served as Johnson & Johnsons CEO and a member of the Board of Directors since January 3, 2022. The reader is cautioned not to rely on these forward-looking statements. Prior to this role, as Worldwide Chairman, Pharmaceuticals, Joaquin transformed the sector into a global powerhouse by refocusing strategy and investment around core therapeutic areas and areas of greatest unmet need. A Division of NBCUniversal. Joaquin Duato is best known for driving the transformation of Johnson & Johnson's Pharmaceutical sector into a global powerhouse by refocusing strategy and investment around core therapeutic areas with the greatest potential for business growth and impact on human health. For a global organization like ours, its essential to be a diverse company in gender, ethnicity, geographic origin, educational background, and more. The site youre being redirected to is a branded pharmaceutical website. Healthcare was influenced by factors such as confidence, convenience and complacency, these have! 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