J&J names CEO Duato as Chairman effective January

Reuters- Johnson Johnson said on Wednesday that it has chosen Chief Executive Officer Joaquin Duato to take the additional role of Chairman, effective January.

Duato will be replaced by Alex Gorsky who will step down from his role as executive chairman after a brief transitional period.

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.

J&J - veteran Duato replaced Gorsky as CEO earlier this year, after holding a variety of positions during his more than 30 years at the company.

He also took a leading role in J&J's COVID 19 response and helped shape its pharmaceutical business strategy.

Gorsky began 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. During his tenure, J&J's market capitalization rose to over $460 billion from nearly $180 billion.