Johnson & Johnson (NYSE:JNJ) has announced the appointment of Joaquin Duato as the company’s new CEO as of January 3. Alex Gorsky, who has been in the post for nearly nine years will become executive chairman.
Joaquin Duato To Replace Alex Gorsky
Joaquin Duato will be promoted from vice chairman of the company’s executive committee after working for the pharma giant for more than 30 years, and he will also become a member of J&J’s board of directors.
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He was quoted as saying on CNN: “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.”
Meanwhile, Gorsky said in a press release that it was an honor to lead the company.
“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.”
Gorsky’s period in the hot seat was marked by the development of the one-shot COVID-19 vaccine, and the lawsuits claiming its talcum powder caused cancer. Amid the scandal, the National Council of Negro Women said that the product was marketed to black women.
Janice Mathis, executive director of the organization said: “This company, through its words and images, told Black women that we were offensive in our natural state and needed to use their products to stay fresh.”
J&J’s Covid vaccine has not generated as much revenue compared with those by Pfizer Inc (NYSE:PFE) and Moderna Inc (NASDAQ:MRNA). However, according to a new study, the Johnson & Johnson single-shot vaccine is highly effective against the Delta variant to the point of individuals being able to skimp a booster shot.
At present, both Pfizer’s and Moderna’s would require a third dose, so there is talk of the J&J vaccine becoming more popular and increase its market share in the long run.
Previously, a study had suggested a lower efficacy of the J&J shot against the Delta and Lambda variants, triggering the talk of a booster in J&J recipients.
Johnson & Johnson anticipates sales of $2.5 billion from its COVID-19 vaccine this year. “That’s a drop in the bucket for the mammoth business, which generated more than $80 billion in revenue in 2020,” The Fool reports.