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. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". [8], Joaquin Duato is a board member of the U.S. Spain Council and previously served on boards with UNICEF USA, Tsinghua University School of Pharmaceutical Sciences, and the Hess Corporation. Inclusion is an integral part of how we will achieve the goals set forth in our Race for Health Equity. [3], Duato began his career in Johnson & Johnson in 1989 when he joined Janssen Pharmaceutica in Spain. 2023 CNBC LLC. We want to hear from you. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. They averaged a 15% annual return, in line with the S&P 500 Index. J&J shares, including reinvested dividends, more than tripled under Gorskys tenure. About Joaquin Duato Mr. Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. "We don't just talk about it," he says. But the 61-year-old cited family health reasons as partially motivating his departure. 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. Pharma relies on people who come from a scientific background, but historically within STEM [science, technology, engineering, and mathematics], youve seen more men, he says. During that time, the sector grew into what is today the fourth-largest innovative pharmaceutical company globally. The best ideas and solutions happen when people bring their uniqueness to work with them. Meanwhile, Wall Street and Washington have long awaited Gorskys next move. Rate the pronunciation difficulty of Joaquin Duato. Even with a massive dip during last years market crash, the shares have gained 22% since the beginning of 2020. They created a strong foundation of trust and collaboration and mutual respect.. [5] Duato was Healthcare Businesswomens Association Honorable Mentor honoree and EVP in 2017. 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. LL: Why is it important to have collaboration among the global public health community in times of crises? We have lots of information about Joaquin: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is none. 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. In addition, she makes $7,097,300 as Executive Vice President - Worldwide Chairman and . Latino Leaders in Action Every ThursdayBringing you the latest news highlighting the top latinos leading our nation. You dont have to try too hard to make a human case for mentoring. 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. 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. During his 30-plus year career at J&J, Duato led multiple business divisions, geographies and functions. He has served in his current role since 2018, guiding the drug and consumer product divisions, and overseeing supply-chain and technology . "We are very optimistic about the treatment modalities that we are bringing, like cell therapy that are going to enable us have an aspiration to be able to cure some diseases that were thought to be incurable," he said. Joaquin Duato, J&J CEO (Photo by Charles Sykes/Invision/AP) January 25, 2022 12:50 PM EST. Salesforce stock jumps 13% after earnings, revenue top estimates. 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. From his early days in Spain, Joaquin found inspiration in how healthcare improved patients lives. "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. Yet Duato plotted to rid itof itsconsumer-products legacy. New Brunswick, N.J., November 30, 2022 Johnson & Johnson (NYSE: JNJ) today announced that its Board of Directors has elected Chief Executive Officer, Mr. Joaquin Duato, to assume the additional position of Chairman, effective in January 2023. Duato, 59, is a three-decade veteran of J&J, as is Gorsky. 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. Copyright 2023 Haymarket Media, Inc. All Rights Reserved This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Joaquin Duato Chairman of the Board and Chief Executive Officer New Brunswick, New Jersey, United States 38K followers 500+ connections Join to follow Johnson & Johnson Esade About I believe that. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Kenneth Frazier, Gorskys longtime counterpart at Merck, gave up his CEO role just weeks ago. 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. Prior to that time, he held senior leadership positions over his 30-plus year career with the Company across multiple business sectors, geographics and functions. Joaquin Duato is Chairman of the Board and Chief Executive Officer of Johnson & Johnson, the world's largest, most diversified healthcare products company. 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. Pronunciation of Joaquin Duato with 4 audio pronunciations. 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. Its very important both in talent recruitment and in retention.. Mr. Duato originally joined the Company in 1989. 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. 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. CVS and Walgreens confirmed last month that their pharmacies were limiting the. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. 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. 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. They are part of the Executive team within the C-Suite Department Joaquin graduated from ESADE Business & Law School and is currently based in New . 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. If he doesn't abandontradition for innovation, we will be left behind, he says. It is influenced by factors such as confidence, convenience and complacency. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. His mother was a nurse, his grandfather was a pediatrician, and his grandmother a pharmacist. 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. I also want to thank Alex for his countless contributions to our Company. LL: Tell me about something J&J is doing to address vaccination hesitancy among the LatinX community that youre particularly proud of? That is why I believe. He earned an MBA from ESADE at Ramon Llull University in Barcelona, Spain. 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. 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. Joaqun Duato, hasta ahora vicepresidente del grupo, sustituir desde el 3 de . 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. Offers may be subject to change without notice. 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. Joaquin has long believed in the power of technology to accelerate progress in healthcare. "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. Representation and inclusion is part of our DNA. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. Create your free account or log in to continue reading this premium content. During his tenure, J&J's market capitalization rose to over $460 billion from nearly $180 billion. Joaquin Duato. Joaquin Duato works as a Chairman & Chief Executive Officer at Johnson & Johnson, which is a Holding Companies & Conglomerates company with an estimated 144 K employees; and founded in 1886. [5] Duato was past chair of Pharmaceutical Research and Manufacturers of America (PhRMA). Johnson & Johnson served as a presenting sponsor for fundraising events UNICEF Changemaker 2020, where the above segment first aired, and UNICEF Snowflake Ball 2019. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. 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. 72 in the Axios Harris Poll 100s 2021 Corporate Reputation Rankings. (RTTNews) - Johnson & Johnson said that its vice chairman, Joaquin Duato, will become chief executive officer of the company on 3rd January 2022, with Chairman and chief . Joaquins appointment to the additional role of Chairman reflects his tremendous 30-year track record at Johnson & Johnson, as well as the Boards thoughtful and engaged approach to succession planning. A dual citizen of Spain and the United States, Joaquins international perspective gives him a deep appreciation of diversity in all forms. Duato, 59, has been working for the company for over 30 years. 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. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. 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. 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. [9] In 2021, Duato was ranked #3 on the NJBIZ Manufacturing Power 50 list.[10]. 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. Johnson & Johnson went to another insider to lead the health-care giant through the pandemic, naming Joaquin Duato to replace longtime veteran Alex Gorsky. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. He was also appointed to the companys board of directors. Powered and implemented by Interactive Data Managed Solutions. "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. Joaquin Duato is surrounded by relics of the past. He earned his MBA from the Wharton School of the University of Pennsylvania in 1996. 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. JD: The healthcare industry has undergone massive change. COVID-19 exposed the racial and social injustices that communities of color have been facing for a very long time. Ms. Taubert owns over 76,923 units of Johnson & Johnson stock worth over $35,709,285 and over the last 4 years she sold JNJ stock worth over $0. Ultimately, we want to always reach a fair and equitable resolution in order to be able to focus on what we do best. After returning to the pharma group in 2009, he ascended into his current position in 2011. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. [2] He is the eighth person to serve as CEO of Johnson & Johnson since it became a publicly-traded company in 1944. He champions the integration of data science, intelligent automation and new technologies to solve complex biomedical research and business operation challenges with maximum speed and efficiency. Just as important was what Duatos mentors didnt do: push mentorship as a vehicle through which he might advance his career. 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. Duato will also be appointed to the board following his transition to. Along with its drugs unit, its medical devices and consumer products divisions have rebounded sharply from the pandemic. On behalf of the Board of Directors, I would like to thank Alex for his unwavering commitment to Johnson & Johnson. New J&J CEO Joaquin Duato promises an aggressive M&A hunt in quest to grow pharma sales. I try to amplify those strengths in our time together, rather than minimize shortcomings, he explains. Joaquin Duato helped mastermind the health giant's breakup. Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Get this delivered to your inbox, and more info about our products and services. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. J&J ranks No. They opened my mind and made me think about higher goals. 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. 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. Partnering with minority health and community advocacy groups, such as the National Black Church Initiative (NBCI), 3. Duato is the only major health industry CEO who has served as chief information officer. Deloitte does not. 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. #jnj #mycompany #data #innovation 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. 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. Got a confidential news tip? I try to understand the individual and what strengths they have, the ones that make the person special and different, he says. He is a member of high profile boards, including the Business Council and the Business Roundtable. 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. Your use of the information on this site is subject to the terms of our Legal Notice. New compounds can be measured against a single cell to more rapidly identify pharmacological activity, such as expected toxicities, and accelerate the development of new medicines. 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. 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. This passion stems from his belief that the healthcare industry must undergo a digital revolution to truly change the trajectory of human health. He worked his way through a host of regional leadership roles in Spain, Italy, and elsewhere and logged some time leading the companys diagnostic division. 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. We have to make specific outreach to women on the STEM side. Latino Leaders: How does diversity of thought and opinions help the pharmaceutical industry? Terms & Conditions. Use of this site constitutes your consent to application of such laws and regulations and to our Privacy Policy. Joaquin Duato is the Chief Executive Officer of Johnson & Johnson and serves on its Board of Directors. "I'm very bullish about the potential of technology in accelerating discovery and developing new medicines.". This is closely followed by the CDC, family/friends and then by state and local health departments/officials. Duato has dual citizenship between the U.S. and Spain, and is involved with boards such as UNICEF USA, Tsinghua University School of Pharmaceutical Sciences and the Hess Corporation, is past. Related: For more recent diversity and inclusion news, click here. He started at the company in 1989, working in sales in his home country of Spain. LL: What is Johnson & Johnson doing to combat COVID-19 beyond vaccine development? 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. 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. 5 To put better health in reach for everyone and drive vaccine uptake, we need to meet people where they are. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. Duato will also be appointed as a member of the company's Board of Directors. Joaquin earned an MBA from ESADE in Barcelona, Spain, and a Master of International Management from Thunderbird School of Global Management in Phoenix, Arizona. 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. He leads a global workforce in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. [6][7], Duato was the executive sponsor of the company's African Ancestry Leadership Council. Our 130,000 employees mobilized with urgency to address the critical needs of families and healthcare providers in their country. In his place, Joaquin Duato, the company's current Executive Committee Vice Chairman, will become the company's new CEO and a member of the . Today, as the worlds largest diversified healthcare products company, we are committed to using our reach and size for good. Priority No. Do Not Sell or Share My Personal InformationLimit the Use of My Sensitive Personal InformationCookie Settings. As Vice Chairman of the Executive Committee, he provides . Contract & Freelance Partner Opportunities, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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.. 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. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. 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. 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. 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. 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It is extremely important for us to collaborate worldwide to help combat this disease. In September 2020, Janssen signed the vaccine maker pledgeto promise the public that decisions around the potential use of our vaccine candidate will be based purely on science and pre-existing guidelines from health authorities around the world. J&J's Joaquin Duato: Diversity is 'essential' Under Duato, the leadership team for Johnson & Johnson's pharma group includes six women. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Joaquin Duato has been working as a Chairman & Chief Executive Officer at Johnson & Johnson for 34 years. Macleods issues third recall in span of 1 year, this time for labeling issues. 3 /5. AboutPressCopyrightContact. He leads a global workforce of 135,000 employees in developing and delivering transformational and innovative healthcare solutions in Pharmaceuticals, MedTech, and Consumer Health. Implementing tools and strategies to raise patient awareness and understanding of clinical trials to successfully enroll high percentages of underserved populations, 2. Moderate. 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. The site youre being redirected to is a branded pharmaceutical website. I have the utmost confidence in Joaquin to lead Johnson & Johnson as the Companys next CEO, Gorsky said. [4][5] He also served as interim Chief Information Officer. To reflect that, HCB Health has become Boundless Life Sciences Group. A believer in the power of technology to accelerate progress in healthcare, Joaquin is leading Johnson & Johnson to harness data science and intelligent automation to solve the worlds toughest health challenges. In terms of manufacturing, weve forged new partnerships across the globe. "Mr. Duato's international . 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. Poor or inadequate communication and information can negatively influence vaccination uptake and contribute to vaccine hesitancy. I believe that moving forward, we will take the lessons we have learned from the COVID-19 pandemic humanitarian crisis as we look to consider and prioritize the health of all communities, patients, consumers, and their families. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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