Tags: Johnson andJohnson | J&J | pharma

J&J Names Device-Unit Head Alex Gorsky as New CEO

Tuesday, 21 February 2012 06:00 PM

Johnson & Johnson named Alex Gorsky to succeed William C. Weldon as its next chief executive officer, as the world’s second-biggest health-care company tries to rebound from recalls of products ranging from children’s Tylenol to artificial hip implants.

Gorsky, 51, will take over April 26 as CEO, becoming only the ninth leader in the company’s 126-year history, New Brunswick, New Jersey-based J&J said Tuesday in a statement. He emerged after a yearlong competition with Sheri S. McCoy, 53, head of the pharmaceutical unit. Weldon, 63, the outgoing CEO, will remain as board chairman, the company said in the statement

J&J, maker of everything from Band-Aids to cancer drugs, generated $65 billion in 2011 sales. Gorsky takes over a company that has seen a revival in its drug business even as the device unit he ran has struggled amid a global economic slowdown.

“He’s a very sharp, hard-working, energetic guy,” said Glenn Novarro, an RBC Capital Markets analyst in New York, in an interview. “People I’ve talked to in the device industry, from venture capital up to the big players, they only have good things to say about him.”

Gorsky, currently vice-chairman in charge of devices and J&J’s supply chain, joined the company’s Janssen Pharmaceutica subsidiary in 1988 as a sales representative, according to a company biography. His appointment was reported earlier Tuesday by the Wall Street Journal.

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Tuesday, 21 February 2012 06:00 PM
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