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.
Joaquin Duato | |
|---|---|
 | |
| Born | 1962 (age 61–62) Spain |
| Citizenship | Spain U.S. |
| Education | ESADE Business School (MBA) Thunderbird School of Global Management (Master of International Management) |
| Occupation | Businessman |
| Years active | 1989-present |
| Title | Chairman and CEO of Johnson & Johnson |
| Term | 2022-present |
| Children | 2 |
Early life and education
editDuato 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
editIn 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
editIn 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
editDuato is married, with two adult children, and lives in Pennsylvania.[21]
References
edit- ^ Nathan-Kazis, Josh. "J&J's CEO Plans to Step Down. Analysts Expect a Smooth Transition". www.barrons.com. Retrieved 2022-07-06.
- ^ a b "5 Things to Know About Johnson & Johnson's New CEO Joaquin Duato". 16 June 2023. Retrieved 2023-06-16.
- ^ a b c "The Architect of J&J's Breakup Bets on Tech for the Future of Drugs". Bloomberg.com. 2022-04-29. Retrieved 2022-06-15.
- ^ Rosenbaum, Eric (2022-03-30). "Next decade will transform health care more than past century: Johnson & Johnson CEO". CNBC. Retrieved 2022-06-15.
- ^ a b "A Look Inside J&J's Partnering & Innovation-Building Model". www.lifescienceleader.com. Retrieved 2022-06-15.
- ^ a b "J&J CEO Steps Down, Taps Successor Joaquin Duato". BioSpace. Retrieved 2022-06-15.
- ^ Griffin, Riley (2021-08-19). "J&J's New Insider CEO Brings Expertise From Crucial Pharma Post". Bloomberg.com. Retrieved 2022-06-15.
- ^ "Johnson & Johnson adds vice chairman to leadership". nj. Associated Press. 2010-12-15. Retrieved 2022-06-15.
- ^ "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.
- ^ Rivas, Kayla (2021-08-20). "J&J's new CEO Joaquin Duato: What to know". FOXBusiness. Retrieved 2023-11-17.
- ^ 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.
- ^ "2017 Joaquin Duato". Healthcare Businesswomen's Association. 2017. Retrieved 2024-12-30.
- ^ "Presenting the 2021 Manufacturing Power 50". NJBIZ. 2021-12-13. Retrieved 2022-06-15.
- ^ "Joaquín Duato, CEO of Johnson & Johnson, to Receive Esade Award". www.esade.edu. 2022-06-14. Retrieved 2023-11-17.
- ^ "Future, Inspiration and Lots of Networking at the 26th Esade Alumni Annual Meeting in Barcelona". www.esadealumni.net. Retrieved 2023-11-17.
- ^ a b "Joaquin Duato". www.businessroundtable.org. Retrieved 2024-12-28.
- ^ "Joaquin Duato". JNJ.com. Retrieved 2024-12-28.
- ^ "Members". U.S. Spain Council. Retrieved 2024-12-28.
- ^ "Joaquin Duato Named PhRMA Board Chairman". Johnson & Johnson. 2017-01-09. Retrieved 2024-12-30.
- ^ "Amgen CEO Robert A. Bradway Becomes PhRMA Board Chairman". Pharmaceutical Research and Manufacturers of America. 2018-02-07. Retrieved 2024-12-30.
- ^ "Joaquin Duato Council for Inclusive Capitalism". Retrieved 2024-12-12.