Joaquin Duato

Last updated
Joaquin Duato
JnJ Duato cropped.jpg
Born1962 (age 62–63)
Spain
CitizenshipSpain
U.S.
Education ESADE Business School (MBA)
Thunderbird School of Global Management
OccupationBusinessman
Years active1989-present
TitleChairman and CEO of Johnson & Johnson
Term2022-present
Children2

Joaquin Duato (born April 1962) is a Spanish-American business executive. He is the chairman and chief executive officer (CEO) of Johnson & Johnson, an American multinational conglomerate. [1] He is the company's eighth CEO since it became a publicly-traded company in 1944. In 2023, Duato received $28.4 million, the highest paid CEO of any major US pharmaceutical company.

Contents

Early life and education

Duato grew up in Valencia, Spain. His career in health care was influenced by his family. His mother was a nurse, his grandfather was a pediatrician, and his grandmother a pharmacist. [2] Duato speaks English, Spanish, and Italian. He received a Master of Business Administration from ESADE Business School in Barcelona, Spain, and a Master of International Management from the Thunderbird School of Global Management in Phoenix, Arizona. [3] Duato is a dual citizen of Spain and the US. [4]

Career

In 1989, Duato began his career with Johnson & Johnson, joining Janssen Pharmaceuticals in Spain. [2] [5] After moving to the US in 2002, Duato was appointed executive vice president, worldwide chairman, pharmaceuticals in 2011. His growth strategy led to the turnaround of Johnson & Johnson’s struggling pharmaceutical business in the early 2000s. [3]

In 2018 when he was promoted to vice chairman of Johnson & Johnson’s executive committee, he led the pharmaceuticals and consumer product divisions and oversaw supply-chain and technology operations. [5] [6] He also was interim Chief Information Officer. [3]

Duato was appointed CEO in August 2021 which became effective in January 2022. He was also appointed to the company’s board of directors. [7] [8] In November 2022, he was elected chairman, effective January 2023. Duato oversaw the separation of Johnson & Johnson's consumer health segment, now an independent publicly traded company, Kenvue. [9] During this time, Duato was the executive sponsor of the company's African Ancestry Leadership Council. [10]

In 2023, Duato was the highest paid CEO of the major pharmaceutical companies, earning $28.4 million, a 117% increase over 2022. [11]

Board membership and honors

In recognition of his efforts, Duato was named a Healthcare Businesswomen's Association Honorable Mentor honoree in 2017. [12] In 2021, Duato was ranked #3 on the NJBIZ Manufacturing Power 50 list. [13] The following year, Duato received the 2022 ESADE Award for his leadership with Johnson & Johnson. [14] [15] In 2023 Duato was bestowed with the Order of Civil Merit, Commander by Number, by King Felipe VI of Spain. [16] [17] He is also a member of the Business Roundtable. [16]

Duato has previously served on boards with the United States-Spain Council, UNICEF USA, Tsinghua University School of Pharmaceutical Sciences, and the Hess Corporation. [18] [6] He served as chair of Pharmaceutical Research and Manufacturers of America from 2017 to 2018. [19] [20]

Personal life

Duato is married, with two adult children, and lives in Pennsylvania. [21]

Related Research Articles

<span class="mw-page-title-main">Johnson & Johnson</span> American multinational pharmaceutical and medical device company

Johnson & Johnson (J&J) is an American multinational pharmaceutical, biotechnology, and medical technologies corporation headquartered in New Brunswick, New Jersey, and publicly traded on the New York Stock Exchange. Its common stock is a component of the Dow Jones Industrial Average, and the company is ranked No. 40 on the 2023 Fortune 500 list of the largest United States corporations. In 2023, the company was ranked 40th in the Forbes Global 2000. Johnson & Johnson has a global workforce of approximately 130,000 employees who are led by the company's current chairman and chief executive officer, Joaquin Duato.

<span class="mw-page-title-main">Pharmaceutical Research and Manufacturers of America</span> Trade group

Pharmaceutical Research and Manufacturers of America, formerly known as the Pharmaceutical Manufacturers Association, is a trade group representing companies in the pharmaceutical industry in the United States. Founded in 1958, PhRMA lobbies on behalf of pharmaceutical companies. PhRMA is headquartered in Washington, D.C.

<span class="mw-page-title-main">ESADE</span> Private business and law school in Spain

Esade is an international private educational institution based in Barcelona, Spain. Esade runs two schools of the university, Esade Business School and Esade Law School, as well as a language centre, the Esade Executive Language Center. The school has also formed a strategic alliance with Ramon Llull University in its undergraduate programmes in Law and Business. ESADE is ranked among the world's top business schools and law school programs by the Financial Times, The Economist, Forbes, QS World University Rankings and more.

<span class="mw-page-title-main">Dilip Shanghvi</span> Indian Businessman

Dilip Shanghvi is an Indian billionaire businessman. As the founder of Sun Pharmaceuticals, he is one of the country's richest people. The Government of India awarded him the civilian honor of the Padma Shri in 2016. India Today magazine ranked him 8th in India's most powerful people of 2017 list.

Bausch Health Companies Inc. is an American-Canadian multinational specialty pharmaceutical company based in Laval, Quebec, Canada. It develops, manufactures and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health and neurology. Bausch Health owns Bausch & Lomb, a supplier of eye health products. Bausch Health's business model is primarily focused on acquiring small pharmaceutical companies and then sharply increasing the prices of the drugs these companies sell.

<span class="mw-page-title-main">Fred Hassan</span> American businessman

Fred Hassan, is a Pakistan-born American business executive who works for the private equity giant Warburg Pincus and previously was CEO of three global pharmaceutical companies.

<span class="mw-page-title-main">Lonza Group</span> Swiss pharmaceutical and biotech company

Lonza Group AG is a Swiss multinational manufacturing company for the pharmaceutical, biotechnology and nutrition sectors, headquartered in Basel, with major facilities in Europe, North America and South Asia. Lonza was established under that name in the late 19th-century in Switzerland. The company provides product development services to the pharmaceutical and biologic industries, including custom manufacturing of biopharmaceuticals and detection systems and services for the bioscience sector.

ESADE Business School is a private graduate-level business school located in Barcelona, Spain. It is part of ESADE and is associated with Ramon Llull University. ESADE has been awarded the triple accreditation by EQUIS, AACSB and AMBA, and is ranked among the world's top business schools and law school programs by the Financial Times, The Economist, Forbes, QS World University Rankings and more.

The ethics involved within pharmaceutical sales is built from the organizational ethics, which is a matter of system compliance, accountability and culture. Organizational ethics are used when developing the marketing and sales strategy to both the public and the healthcare profession of the strategy. Organizational ethics are best demonstrated through acts of fairness, compassion, integrity, honor, and responsibility.

<span class="mw-page-title-main">Kenneth Frazier</span> American business executive

Kenneth Carleton Frazier is an American business executive. He is executive chairman and former CEO of the pharmaceutical company Merck & Co.. After joining Merck & Co. as general counsel, he directed the company's defense against litigation over the anti-inflammatory drug Vioxx. Frazier is the first African American man to lead a major pharmaceutical company. He was elected to the American Philosophical Society in 2018.

<span class="mw-page-title-main">José Ignacio Sánchez Galán</span> Spanish businessman

José Ignacio Sánchez Galán1 better known as Ignacio Galán, is a Spanish businessman who currently serves as executive chairman of Iberdrola, a multinational energy company with a presence in dozens of countries worldwide with subsidiaries including ScottishPower in the United Kingdom, Avangrid in USA, Neoenergia in Brazil, Iberdrola Australia and Iberdrola Mexico. In 2019 he is selected by Harvard Business Review as one of the five most important CEOs in the world. while in 2023 Time appointed him as one of the most relevant leaders on fighting against climate change.

<span class="mw-page-title-main">Joseph Jimenez</span>

Joseph Jimenez is the former CEO of the Swiss pharmaceutical company Novartis.

<span class="mw-page-title-main">Alex Gorsky</span> American businessman (born 1960)

Alex Gorsky is an American businessman. He is the former chairman and CEO of Johnson & Johnson. Gorsky stepped down as CEO of Johnson & Johnson in January 2022 and was succeeded by Joaquin Duato. He was the seventh person who was the company's chairman and CEO since it became a publicly traded company in 1944. He is a board director of Apple and JP Morgan Chase.

<span class="mw-page-title-main">Sheri McCoy</span> American scientist and business executive

Sherilyn S. McCoy is an American scientist and business executive. She is the former CEO of Avon Products and former vice chairman and member of the office of the chairman of Johnson & Johnson, where she was responsible for the pharmaceutical and consumer business divisions of the company. She was appointed as the vice chairman in January 2011, after which she was named by Fortune Magazine, as the 10th woman on their list of "50 Most Powerful Women in Business", a list on which she has been included since 2008. In February 2012, she resigned her employment with Johnson & Johnson after 30 years and was subsequently named as the CEO of Avon Products. In August 2012, she was recognized as the 39th most powerful woman in the world by Forbes Magazine.

<span class="mw-page-title-main">Amneal Pharmaceuticals</span> American publicly traded generics and specialty pharmaceutical company

Amneal Pharmaceuticals, Inc. is an American publicly traded generics and specialty pharmaceutical company. The company is headquartered in Bridgewater, New Jersey.

Jazz Pharmaceuticals plc is a global biopharmaceutical company with a focus on oncology and neuroscience. It was founded in 2003 in California, United States. One of the company's considerable products is the United States Food and Drug Administration (FDA) approved drug Xyrem, the sodium salt of the naturally occurring neurotransmitter γ-Hydroxybutyric acid (GHB). In 2017, net product sales of Xyrem were $1.187 billion, which represented 74% of the company's total net product sales. In 2019, Jazz was granted FDA-approval to market Sunosi with indications for treating excessive daytime sleepiness (EDS) in narcolepsy as well as obstructive sleep apnea (OSA). In 2022, it was announced that Axsome Therapeutics would be acquiring Sunosi from Jazz Pharmaceuticals.

David Ebsworth is non-executive chairman at Verona Pharma Plc. His career spans over 35 years in the global pharmaceutical industry, during which he was Global Head of Pharmaceuticals at Bayer AG and CEO of a number of companies, including ViforPharma and Galenica. He is also an advisor to a variety of CEOs at public and private organisations.

<span class="mw-page-title-main">Vasant Narasimhan</span> American doctor and CEO

Vasant "Vas" Narasimhan is an American physician and the chief executive officer of Novartis. He succeeded Joseph Jimenez who left Novartis in 2018. He briefly worked at McKinsey before joining Novartis in 2005, where he has held a range of leadership roles, including Global Head of Development for Novartis Vaccines and Global Head of Drug Development & Chief Medical Officer.

<span class="mw-page-title-main">Albert Bourla</span> CEO of Pfizer

Albert Bourla is a Greek-American veterinarian and businessman known for serving as the chairman and chief executive officer of the pharmaceutical company Pfizer. He joined the company in 1993 and has held several executive roles across Pfizer's divisions. Prior to becoming chief executive officer, Bourla was chief operating officer.

Brent Saunders (1970) is an American biopharma executive and entrepreneur who is the chairman and CEO of the health company Bausch & Lomb. He helped lead various mergers and acquisitions, including the mergers between Merck and Schering-Plough, the acquisition of Bausch + Lomb by Valeant Pharmaceuticals, and the $63 billion acquisition of Allergan by Abbvie. He founded the special-purpose acquisition company (SPAC) Vesper Healthcare Acquisition. Saunders is also executive chairman of medical aesthetics companies The Beauty Health Company and Hugel America.

References

  1. ↑ Nathan-Kazis, Josh. "J&J's CEO Plans to Step Down. Analysts Expect a Smooth Transition". www.barrons.com. Retrieved 2022-07-06.
  2. 1 2 "5 Things to Know About Johnson & Johnson's New CEO Joaquin Duato". 16 June 2023. Retrieved 2023-06-16.
  3. 1 2 3 "The Architect of J&J's Breakup Bets on Tech for the Future of Drugs". Bloomberg.com. 2022-04-29. Retrieved 2022-06-15.
  4. ↑ Rosenbaum, Eric (2022-03-30). "Next decade will transform health care more than past century: Johnson & Johnson CEO". CNBC. Retrieved 2022-06-15.
  5. 1 2 "A Look Inside J&J's Partnering & Innovation-Building Model". www.lifescienceleader.com. Retrieved 2022-06-15.
  6. 1 2 "J&J CEO Steps Down, Taps Successor Joaquin Duato". BioSpace. Retrieved 2022-06-15.
  7. ↑ Griffin, Riley (2021-08-19). "J&J's New Insider CEO Brings Expertise From Crucial Pharma Post". Bloomberg.com. Retrieved 2022-06-15.
  8. ↑ "Johnson & Johnson adds vice chairman to leadership". nj. Associated Press. 2010-12-15. Retrieved 2022-06-15.
  9. ↑ "J&J CEO Joaquin Duato discusses how he leads during challenging times and why the next decade will be the golden era for health innovation". Fortune. Retrieved 2023-11-17.
  10. ↑ Rivas, Kayla (2021-08-20). "J&J's new CEO Joaquin Duato: What to know". FOXBusiness. Retrieved 2023-11-17.
  11. ↑ Dunleavy, Kevin (2024-03-13). "J&J's Joaquin Duato nets major raise to $28.4M, jumps to top of pharma CEO pay rankings". fiercepharma.com. Retrieved 2024-12-30.
  12. ↑ "2017 Joaquin Duato". Healthcare Businesswomen's Association. 2017. Retrieved 2024-12-30.
  13. ↑ "Presenting the 2021 Manufacturing Power 50". NJBIZ. 2021-12-13. Retrieved 2022-06-15.
  14. ↑ "Joaquín Duato, CEO of Johnson & Johnson, to Receive Esade Award". www.esade.edu. 2022-06-14. Retrieved 2023-11-17.
  15. ↑ "Future, Inspiration and Lots of Networking at the 26th Esade Alumni Annual Meeting in Barcelona". www.esadealumni.net. Retrieved 2023-11-17.
  16. 1 2 "Joaquin Duato". www.businessroundtable.org. Retrieved 2024-12-28.
  17. ↑ "Joaquin Duato". JNJ.com. Retrieved 2024-12-28.
  18. ↑ "Members". U.S. Spain Council. Retrieved 2024-12-28.
  19. ↑ "Joaquin Duato Named PhRMA Board Chairman". Johnson & Johnson. 2017-01-09. Retrieved 2024-12-30.
  20. ↑ "Amgen CEO Robert A. Bradway Becomes PhRMA Board Chairman". Pharmaceutical Research and Manufacturers of America. 2018-02-07. Retrieved 2024-12-30.
  21. ↑ "Joaquin Duato Council for Inclusive Capitalism" . Retrieved 2024-12-12.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.