Romaine Bostick breaks down the day's top stories and trading action leading into the close. LL: How do you see the healthcare industry as a whole changing due to the current pandemic? (Podcast). He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. El espaol Joaqun Duato ser el nuevo CEO de Johnson & Johnson tras renunciar Gorsky. All Rights Reserved. There is no bigger or better known health-care conglomerate in the world. Poor or inadequate communication and information can negatively influence vaccination uptake and contribute to vaccine hesitancy. (18 votes) Very easy. Joaquin Duato is responsible for Johnson & Johnson's Pharmaceuticals and Consumer sectors, along with Supply Chain, Technology and Health & Wellness. Moderate. Duato is a dual citizen of Spain and the United States. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Continue reading your article with. And what we do best is to continue to develop medicines, medical devices, consumer products that improve consumer lives and also are able to address patients' needs.". JD: The Emergency Use Authorization (EUA) that we received in February 2021 was based on an independent assessment by the Food & Drug Administrations (FDA) Vaccines and Related Biological Products Advisory Committee (VRBPAC), which analyzed our topline Phase 3 ENSEMBLE trial data, and concluded that the potential benefits of the vaccine outweighed the known and potential risks. On behalf of the Board of Directors, I would like to thank Alex for his unwavering commitment to Johnson & Johnson. Create your free account or log in to continue reading this premium content. Gorsky also dramatically increased diversity, equity, and inclusion within the company, serving as the driving force behind many of Johnson & Johnsons DE&I initiatives, including its $100 million pledge to fight health inequities for communities of color in the U.S., the company said. He was also appointed to the companys board of directors. by Caroline Vakil - 08/19/21 7:18 PM ET. Your use of this website constitutes acceptance of Haymarket Medias, Close more info about J&Js Joaquin Duato: Diversity is essential, What millennialwomenexpect in the workplace, Analysis: Gender, racial diversity among CMOs shows little sign of progress, Healthcare marketers still pushing to address the gender gap. Please see our Privacy Policy. Pharmaceutical Research and Manufacturers of America, "Next decade will transform health care more than past century: Johnson & Johnson CEO", "J&J's CEO Plans to Step Down. Salesforce stock jumps 13% after earnings, revenue top estimates. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. I try to understand the individual and what strengths they have, the ones that make the person special and different, he says. I also want to thank Alex for his countless contributions to our Company. The decision to step aside was one of the most difficult of my career. 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. 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 earned an MBA from ESADE in Barcelona, Spain, and a Master of International Management from Thunderbird School of Global Management in Phoenix, Arizona. 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. Deloitte does not. 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. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The former army captain and endurance athlete who takes spin classes alongside his employees has long been speculated to one day seek political office. You are now leaving jnj.com. Nov 30 (Reuters) - Johnson & Johnson (JNJ.N)said on Wednesday its board has elected Chief Executive Officer Joaquin Duato to take on the additional role of Chairman, effective in January. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. 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. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . (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 . 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. 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. LinkedIn has officially entered its cringe era, and its working. Duato, the first non-U.S. born CEO for the company, and first to hold dual citizenship (Spain and U.S.), has been with J&J for three decades and was at one point the company's chief information. These statements are based on current expectations of future events. We have to mentor and encourage the people who are here., From the May 01, 2017 Issue of MM+M - Medical Marketing and Media. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. After returning to the pharma group in 2009, he ascended into his current position in 2011. LL: How did J&J consider diversity in clinical trials for your COVID-19 Vaccine? 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.. (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. The world's biggest maker of health care products said late Thursday that Joaquin Duato will become CEO and a member of the company's board of directors on January 3. Joaquin has made over 15 trades of the Johnson & Johnson stock since 2017, according to the Form 4 filled with the SEC. He earned an MBA from ESADE at Ramon Llull University in Barcelona, Spain. Duato is committed to nurturing a diverse, equitable and inclusive workplace as J&J continues to develop medicines to transform the lives of patients around the world. "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. From his early days in Spain, Joaquin found inspiration in how healthcare improved patients lives. Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. We know that Joaquin is single at this point. Not surprisingly, Duato stresses the Honorable Mentor honoree by the role that mentoring played in his rise up the Johnson & Johnson corporate hierarchy. 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. That diversity gets us closer to our customer base, Duato points out. As Vice Chairman of the Executive Committee, he provides . All Rights Reserved. Today, as the worlds largest diversified healthcare products company, we are committed to using our reach and size for good. New Brunswick, New Jersey-based multinational pharmaceutical giant Johnson & Johnson (a DiversityInc Hall of Fame company) has announced that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. 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. During his 30-plus year career at J&J, Duato led multiple business divisions, geographies and functions. Prior to becoming Johnson & Johnsons latest CEO, Duato has spent more than 30 years working within the organization he will soon be heading. 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. Machine learning, when combined with genetics, is also accelerating the discovery and development of new medicines. 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. On this Wikipedia the language links are at the top of the page across from the article title. [3] Duato was appointed CEO in August 2021 which became effective on January 3, 2022. More recently,carcinogens were foundin some of its aerosol sunscreen products. Dual Citizenship: Duato holds dual citizenship from Spain and the United States. "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. According to Johnson & Johnson, Gorsky has been the companys Chairman and Chief Executive Officer since 2012. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. Why? Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Priority No. Duato will succeed Alex Gorsky, who will step down from his role as executive chairman following a brief transitional period. Nonetheless, investor goodwill remains strong in the company. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, S&P 500 Slumps to Lowest in Nearly Six Weeks: Markets Wrap, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". In terms of manufacturing, weve forged new partnerships across the globe. 3 We also partnered closely with the US government throughout the development process to ensure we were meeting important ethical and scientific standards. Subscribe to Fortune Dailyto get essential business stories straight to your inbox each morning. All Rights Reserved. Mr. Duato JNJ stock SEC Form 4 insiders trading. 08.23.21. 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 . He currently sits on the boards ofUNICEF USA, Tsinghua University School of Pharmaceutical Sciences and Hess Corp. Shares of New Brunswick, New Jersey-based J&J were little changed in trading after U.S. markets closed. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. About Johnson & JohnsonAt Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. Aug 19, 2021 11:00PM EDT. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology operations. 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. 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. 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. 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. Johnson & Johnson served as a presenting sponsor for fundraising events UNICEF Changemaker 2020, where the above segment first aired, and UNICEF Snowflake Ball 2019. His mother was a nurse, his grandfather was a pediatrician, and his grandmother a pharmacist. The NHMAs effort will help reach more Hispanic audiences with the facts and context they need to make informed decisions about getting vaccinated. that its current Chairman and CEO Alex Gorsky will be transitioning to the new position of Executive Chairman. LL: Tell me about something J&J is doing to address vaccination hesitancy among the LatinX community that youre particularly proud of? 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. 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. Your use of the information on this site is subject to the terms of our Legal Notice. 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. We have the utmost confidence that he will continue to be an excellent steward of the business and look forward to working closely with him in this next chapter., Mr. Duato said, Guided by our Credo, I will continue to work closely with the other Directors to build on Johnson & Johnsons success. 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. See here for a complete list of exchanges and delays. We dont just talk about it, he says. [1] He is the chief executive officer (CEO) of Johnson & Johnson, an American multinational conglomerate. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Interview by Mariana G. Briones Lideres Mexicanos guest editor for Latino Leaders. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. Copyright 2023 Haymarket Media, Inc. All Rights Reserved This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. 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. Duato declined to go into legal specifics. Duato, the first non-U.S. born CEO for the company, and first to hold dual citizenship (Spain and U.S.), has been with J&J for three decades and was at one point the company's chief information officer, giving him key insights into the role of technology in health care. Mr. Duato succeeds Mr. Alex Gorsky, who will step down from his role as Executive Chairman following a brief transitional period. JD: Throughout our more than 130-year history, Johnson & Johnson has had a legacy of coming to the aid of communities during times of crisis from natural disasters to health outbreaks. 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. 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. J&Js drug business generated $45.6 billion in sales in 2020, accounting for more than half the companys revenue. The industry leader for online information for tax, accounting and finance professionals. Alex Gorsky, currently chairman and CEO, will serve as executive chairman of Johnson & Johnson and transition the CEO role to Joaquin Duato, currently vice chairman of the company's executive committee, effective January 3, 2022. His career in healthcare was influenced by his family. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Joaquin Duato: Diversity of thought and opinions in the pharmaceutical industry is critical just as it is in every business. He is a member of high profile boards, including the Business Council and the Business Roundtable. 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. LL: What do we know about vaccine hesitancy in the Latinx community? 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. [4] After moving to the USA in 2002, Duato was appointed Executive Vice President, Worldwide Chairman, Pharmaceuticals in 2011. J&J declined to make Gorsky and Duato available for comment. You are now leaving jnj.com. 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