Joaquin Duato, executive vice president and worldwide chairman of pharmaceuticals at Johnson & Johnson on Tuesday, Jan. 31, 2017.
Andrew Harrer | Bloomberg | Getty Images
Johnson & Johnson announced Thursday evening that Joaquin Duato will become the company’s new CEO effective January 3, replacing current chairman and CEO Alex Gorsky.
Duato will also be appointed as a member of the company’s Board of Directors following his transition to the C-suite role.
“It has been an honor and privilege to lead this company as Chairman and CEO for nearly a decade, and I am pleased to serve as Executive Chairman to help oversee Johnson & Johnson’s ongoing progress improving the health of people and communities everywhere,” Gorsky, who has served in his current role for 9 years, wrote in a statement.
“This is the right time for the company as our organization is delivering strong performance across all three segments and is positioned for continued success, in addition to this being the right time for me personally as I focus more on my family due to family health reasons,” he added.
Shares of Johnson & Johnson fell nearly 1% during extended trading.
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