Sector News

Johnson & Johnson shakeup leaves Joaquin Duato with largest portfolio

June 25, 2018
Life sciences

The executive pyramid at Johnson & Johnson is going through a significant revamp with head of pharmaceuticals Joaquin Duato taking on most of the responsibilities held by Group Worldwide Chairman Sandra Peterson as she prepares to retire.

Duarto will become a vice chairman of the executive committee on July 2. The pharma unit that Duato currently oversees is already the largest, but he will add J&J’s consumer business along with responsibility for supply chain, IT, global services, and the health and wellness businesses.

The moves come after Duarto and Peterson last year nabbed $9 million each in retention bonuses.

Along with Duarto, the company promoted Paul Stoffels, M.D., to a vice chairman of the executive committee. Stoffels will oversee pharma R&D, be chief medical officer and be responsible for several other areas. There were several other shifts as well.

“These appointments recognize the enormous talent among the senior leadership team of Johnson & Johnson, and will ensure our continued focus on delivering on our commitments to patients, consumers, employees, our communities and our shareholders,” CEO and Chairman Alex Gorsky Gorsky said in a statement.

Among Duarto’s accomplishments outlined in J&J’s proxy that had justified his pay was his leadership in the $30 billion buyout of Actelion, as well as beating J&J’s financial goals for its pharmaceutical unit. Duato has been J&J’s EVP of Pharma since April 2016 and worldwide chairman since 2011.

Among the challenges Duarto faces with his new responsibilities is maintaining faith in J&J’s consumer products in the face of thousands of lawsuits alleging J&J’s talcum powders caused cancer.

Peterson will leave Oct. 1. She was brought on in 2012 after Gorsky got frustrated with manufacturing issues in the consumer business that resulted in the recall of tens of millions of consumer products at a reported cost of $1.6 billion. After straightening out issues there, she was rewarded last year with responsibility of the troubled medical devices unit.

By Eric Palmer

Source: Fierce Pharma

comments closed

Related News

July 3, 2022

Novo Nordisk joins with nursing group to highlight correlation between Type 2 diabetes and cardio risk

Life sciences

Despite atherosclerotic cardiovascular disease (ASCVD) being the leading cause of death for people with Type 2 diabetes, half of those people have no idea of this risk. Novo Nordisk has teamed up with the Preventive Cardiovascular Nurses Association (PCNA) for “Making the Connection,” a program to help increase understanding of the link between the two diseases.

July 3, 2022

First treatment for ‘broken heart syndrome’ trialled

Life sciences

The first ever treatment for broken heart syndrome – also known as Takotsubo cardiomyopathy – is to be trialled by researchers at the University of Aberdeen. Scientists will trial a programme of exercise conditioning and psychological therapy for people who have been diagnosed with the condition following a £300,000 grant from the British Heart Foundation.

July 3, 2022

Nestlé acquiring The Better Health Company in market expansion deal

Life sciences

Nestlé Health Science is set to acquire The Better Health Company (TBHC), as part of its goals to grow global market share while spurring innovation across the nutrition industry. The acquisition includes the GO Healthy brand with its vitamins and supplements, Egmont, the Manuka honey brand and New Zealand Health Manufacturing, an Auckland-based manufacturing facility for vitamins minerals and supplements.