Johnson & Johnson has faced multiple lawsuits over products and medical devices, fromtalc to hip replacement and opioids, which have resulted in significant financial settlements, without any admission of wrongdoing, as well as ongoing litigation. You dont have to try too hard to make a human case for mentoring. Gorsky, whos been at the helm for nine years, will become executive chairman. The bio: Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. LinkedIn has officially entered its cringe era, and its working. Priority No. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. #jnj #mycompany #data #innovation Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. Easy. [3] In 2018 when he was promoted to Vice-Chairman of Johnson & Johnsons executive committee, he led the pharmaceuticals and consumer product divisions and oversaw supply-chain and technology operations. As he takes the reins, he'll need to convince skeptics on Wall Street his pursuit of tech-industry luster goes far enough. The best ideas and solutions happen when people bring their uniqueness to work with them. J&J shares, including reinvested dividends, more than tripled under Gorskys tenure. We are confident that Joaquin is uniquely qualified and the right person to lead Johnson & Johnson into the future, Mulcahy said in a statement. "We don't just talk about it," he says. Johnson & Johnson is part of the Holding Companies & Conglomerates industry, and located in New Jersey, United States. The pharma unit Duato leads generated $33.5 billion in sales last year, growing 7.5% (compared with 4% growth for Johnson & Johnson overall). 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. As Vice Chairman of the Executive Committee, he provides . Early life and education [ edit] Duato grew up in Valencia, Spain. Whenever [mentorship is used] that way, it can lead to misunderstandings and frustration, he admits. Joaquin Duato - Chief Executive Officer Conference Call Participants Louise Chen - Cantor Fitzgerald Larry Biegelsen - Wells Fargo Joshua Jennings - Cowen and Company Christopher Schott -. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. El gigante de productos de gran consumo y farmacutico Johnson & Johnson tendr un consejero delegado espaol. 2023 Fortune Media IP Limited. The decision to step aside was one of the most difficult of my career, Gorsky said in the statement. Aug 19, 2021 11:00PM EDT. 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. The current economic situation is "volatile," Duato said, with inflationary headwinds in the supply chain and availability of important raw materials and components, though he said the company's scale as the largest health-care firm helps and the guidance it already provided to the market earlier in the year showed a healthy growth rate in revenue and in earnings per share. 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. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the worlds largest, most diversified healthcare products company. That diversity gets us closer to our customer base, Duato points out. He is on the Board of Directors at Johnson & Johnson, U.S.-Spain Council, Inc. and Save The Children Federation, Inc . In January 2022, Joaquin Duato became Johnson & Johnson's new Chief Executive Officer. Joaquin Duato of Johnson & Johnson explains why frontline health workers are critical in delivering health for all and why children's health is a top prior. [4][5] He also served as interim Chief Information Officer. 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. Pharma. Duato is trilingual, speaking English, Spanish, and Italian. Joaquin Duato, J&J CEO (Photo by Charles Sykes/Invision/AP) January 25, 2022 12:50 PM EST. It was solely about personal and professional growth, not about getting the next job. Previously, Joaquin served as the Vice Chairman of the . During that time, the sector grew into what is today the fourth-largest innovative pharmaceutical company globally. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology operations. "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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. We have to mentor and encourage the people who are here., From the May 01, 2017 Issue of MM+M - Medical Marketing and Media. 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. Thats my number one concern.. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. Your use of the information on this site is subject to the terms of our Legal Notice. 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. All Rights Reserved. Behind him are 19th century baby soaps, 100-year-old Band-Aids, and other timeworn products that made Johnson & Johnson into a household name. 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. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. Duato is a dual citizen of Spain and the United States. Latino Leaders in Action Every ThursdayBringing you the latest news highlighting the top latinos leading our nation. That is why I believe. 8 Enthusiasm for getting the COVID-19 vaccine continues to grow among people across racial and ethnic backgrounds, with the largest increase among Black adults. Incoming CEO Duato has also spent about 30 years with Johnson & Johnson. While Duato doesnt share specific experiences or anecdotes, he notes that being mentored was hugely important to his development as both a professional and a person and that every one of his mentors along the way happened to be women. "That's a sign of how much we believe in the opportunity that I was describing of combining science and technology to deliver improvements in patient care," Duato said. 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. "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. 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. 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. Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. J&J declined to make Gorsky and Duato available for comment. All Rights Reserved. [9] In 2021, Duato was ranked #3 on the NJBIZ Manufacturing Power 50 list.[10]. Were only able to tackle this problem at home if we address it worldwide. (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. "We don't just talk about it," he says. Our Standards: The Thomson Reuters Trust Principles. (Podcast). Joaquin Duato: Diversity of thought and opinions in the pharmaceutical industry is critical just as it is in every business. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The decision to step aside was one of the most difficult of my career. On behalf of the Board of Directors, I would like to thank Alex for his unwavering commitment to Johnson & Johnson. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. articles a month for anyone to read, even non-subscribers! We dont just talk about it, he says. Mr. Duato, age 59, is currently Vice Chairman of the Company's Executive Committee and provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams. Previously, Joaquin served as the Vice Chairman of the Executive Committee, where he provided strategic direction for the Pharmaceutical and Consumer Health sectors and oversaw both Information Technology and the Global Supply Chain. About Alex GorskyAlex Gorsky is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, one of just seven leaders who have served in the dual role since the company was listed on the New York Stock Exchange in 1944. 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. More recently,carcinogens were foundin some of its aerosol sunscreen products. 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. 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. Difficult. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Duato said the company is gaining share in its priority medtech platforms and expects "good" performance this year. Mr. Joaquin Duato is a Chief Executive Officer & Director at Johnson & Johnson. 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. Duato, the current vice chairman of the executive committee, will take the reins and a seat on the board from Jan. 3. 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. Joaquin Duato (born April 1962) is a Spanish-American business executive. (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 . New J&J CEO Joaquin Duato promises an aggressive M&A hunt in quest to grow pharma sales. 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. [4] After moving to the USA in 2002, Duato was appointed Executive Vice President, Worldwide Chairman, Pharmaceuticals in 2011. (18 votes) Very easy. See also:Healthcare marketers still pushing to address the gender gap. 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. Cautions Concerning Forward-Looking StatementsThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Aug 19 (Reuters) - Johnson & Johnson (JNJ.N) on Thursday appointed Joaquin Duato as chief executive officer to replace veteran Alex Gorsky to steer the healthcare conglomerate through the. Salesforce stock jumps 13% after earnings, revenue top estimates. Joaquin Duato at Johnson & Johnson headquarters in New Jersey. that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. 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. 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 Joaquin Duato helped mastermind the health giant's breakup. Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges. 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. J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. Offers may be subject to change without notice. Our 130,000 employees mobilized with urgency to address the critical needs of families and healthcare providers in their country. 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. LL: Now that the vaccine is available, how can we drive access and uptake in the Latinx community? Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. Thats why its so important for us to engage in these types of conversations to help answer questions and dispel myths about vaccines. Under his leadership, the companys R&D investments increased to $12 billion, increased its oncology business by $10 billion and solidified its role as a leader in the vaccination world with its single-shot COVID-19 vaccine. 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. Quest to grow pharma sales it worldwide Chief Information Officer business relationships and human networks can we access. Has always demonstrated a passion for solving complex medical and business challenges for heightened risk individual and globally. 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