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Posted 06 January, 2022

JOHNSON & JOHNSON appointed Joaquin Duato as new CEO

NYSE:JNJ appointed new Chief Executive Officer Joaquin Duato in a 8-K filed on 06 January, 2022.


  As previously announced by Johnson & Johnson (the "Company") on August 19, 2021, effective as of January 3, 2022, Joaquin Duato, previously Vice Chairman of the Company's Executive Committee, assumed the role of Chief Executive Officer ("CEO") of the Company and has been appointed as a member of the Company's Board of Directors (the "Board").  

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Overview of JOHNSON & JOHNSON
Health Care/Life Sciences • Pharmaceuticals
Johnson & Johnson is a holding company, which engages in the research, development, manufacture, and sale of products in the healthcare field. It operates through the Innovative Medicine and MedTech segments. The Innovative Medicine segment focuses on immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism, and pulmonary hypertension. The MedTech segment includes a portfolio of products used in the interventional solutions, orthopaedics, surgery, and vision categories. The company was founded by Robert Wood Johnson I, James Wood Johnson, and Edward Mead Johnson Sr. in 1887 and is headquartered in New Brunswick, NJ.
Market Cap
$385B
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JOHNSON & JOHNSON by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


As previously announced by Johnson & Johnson (the "Company") on August 19, 2021, effective as of January 3, 2022, Joaquin Duato, previously Vice Chairman of the Company's Executive Committee, assumed the role of Chief Executive Officer ("CEO") of the Company and has been appointed as a member of the Company's Board of Directors (the "Board"). Alex Gorsky, previously Chairman and CEO of the Company, transitioned to Executive Chairman of the Company, also effective January 3, 2022.


On January 4, 2022, the Board approved compensation changes for Mr. Duato and Mr. Gorsky in conjunction with their respective role changes. Upon his assumption of the CEO role, Mr. Duato's annual compensation opportunities increased as follows: his annual base salary is $1,500,000, his annual incentive target is 175% of base salary ($2,625,000), and his long-term incentive target is 820% of base salary ($12,300,000). Actual annual incentive and long-term incentive awards will be based on achievement of the applicable business and individual performance objectives and subject to approval by the independent members of the Board. As an employee of the Company, Mr. Duato will receive no additional compensation for his service as a member of the Board.


In connection with his transition to Executive Chairman of the Company, Mr. Gorsky's annual compensation opportunities were adjusted as follows: his annual base salary was decreased to $1,400,000, and his annual incentive target for 2022 was decreased to 150% of base salary ($2,100,000). Actual payout of annual incentive compensation will be based on achievement of the applicable business and individual performance objectives and subject to approval by the independent members of the Board. In conjunction with the Company's long-standing practice, Mr. Gorsky will receive a long-term incentive award in February 2022 based on his performance as Chairman and CEO in 2021. He will not be eligible to receive future long-term incentive awards for his service in his capacity as Executive Chairman.