Joaquin Duato, Executive Vice President and World President of Pharmaceuticals at Johnson & Johnson on Tuesday, January 31, 2017.
Andrew Harrer | Bloomberg | Getty Images
Johnson & Johnson announced Thursday evening that Joaquin Duato will become the company’s new CEO starting Jan. 3, replacing current president and CEO Alex Gorsky.
Duato will also be appointed a member of the company’s Board of Directors after his transition to the C-suite function.
“It has been an honor and a privilege to lead this company as President and CEO for nearly a decade, and I am pleased to serve as CEO to help oversee Johnson & Johnson’s ongoing progress in improving people’s health and communities everywhere, ”said Gorsky, who has played his current role for 9 years, wrote in a statement.
“This is the right time for the company, as our organization offers strong performance in all three segments and is in continued success, as well as being the right time for me personally as I focus more to my family for family health reasons, “he added.
Shares of Johnson & Johnson fell nearly 1% during extended trading.
The J&J vaccine was initially promoted by federal health officials as a blessing when it was authorized by the Food and Drug Administration in late February because it only requires one dose and can be stored at refrigerator temperature for months.
Since then it has suffered from poor public perceptions of its overall effectiveness, concerns about rare side effects, and delays in production.
In April, the FDA said it was adding a warning label to J&J’s Covid vaccine, citing blood clotting as a rare side effect.
Earlier this month, CVS Health stopped offering J&J’s single-dose Covid-19 vaccine to its pharmacies.
Read more: CVS stops giving J&J Covid vaccines to pharmacies, still offers shots at some MinuteClinics
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