Johnson & Johnson said Aug.19 that CEO Alex Gorsky will transition his role to Joaquin Duato, current vice chairman of the company's executive committee, effective Jan. 3.
Mr. Gorsky will continue with the company as executive chairman, and Mr. Duato will be appointed to the company's board of directors.
"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," Mr. Gorsky said in a news release.
He said his decision to step aside was "one of the most difficult of my career."
"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.
Mr. Gorsky has served as chairman and CEO of Johnson & Johnson since 2012, and has been with the company since 1988.
Mr. Duato has been with Johnson & Johnson for more than 30 years. In his most recent role as vice chairman of the executive committee, he "helped guide our enterprise strategic planning process, encompassing all three of the company's business segments, and was responsible for spearheading a significant technology transformation across the enterprise over the past year," Mr. Gorsky said.
"I have the utmost confidence in Joaquin to lead Johnson & Johnson as the company's next CEO. Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges," he added.
Mr. Duato is a former chair of the Pharmaceutical Research and Manufacturers of America, the drug industry's largest trade group, and sits on the boards of UNICEF USA, Tsinghua University School of Pharmaceutical Sciences and the Hess Corporation, according to the news release.
"I am honored to serve as Johnson & Johnson’s next CEO," Mr. Duato said. "As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnson’s opportunity to play a key role in meaningfully improving the global trajectory of human health."
Read the full news release here.