J&J CEO Joaquin Duato to take further function of Chairman By Reuters

© Reuters. Johnson & Johnson Vice President and Worldwide Chairman Prescription drugs Joaquin Duato attends a information convention at Actelion headquarters in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann/File Photograph

(Reuters) – Johnson & Johnson (NYSE:) mentioned on Wednesday its board has elected Chief Govt Officer Joaquin Duato to tackle the extra function of Chairman, efficient in January.

Duato will succeed Alex Gorsky, who will step down from his function as govt chairman following a quick transitional interval.

The healthcare conglomerate is in the midst of the largest shake-up in its 135-year historical past, spinning off its client well being enterprise beneath the title Kenvue.

J&J veteran Duato changed Gorsky as CEO earlier this 12 months after holding a wide range of roles throughout his greater than 30 years on the firm.

He additionally took a number one function in J&J’s COVID-19 response and helped form its pharmaceutical enterprise technique.

Gorsky additionally began his J&J profession over three a long time in the past as a gross sales consultant with Janssen Prescription drugs in 1988, and had been on the helm of the corporate for almost a decade. Throughout his tenure, J&J’s market capitalization rose to over $460 billion from almost $180 billion.