The Company has also appointed Paul Ruh as CFO Designate
Mongon and Ruh to Assume New Leadership Roles
Upon the Completion of the Planned Separation of the
Consumer Health Business
Planned Separation Expected to Occur in
2023
NEW
BRUNSWICK, N.J., May 11, 2022
/PRNewswire/ -- Johnson & Johnson (the "Company") (NYSE:
JNJ) today announced the appointment of Thibaut Mongon as Chief Executive Officer
Designate and Paul Ruh as Chief
Financial Officer Designate of the future, listed New Consumer
Health Company.
As announced in November 2021, the
planned separation would create two global leaders – the new
Johnson & Johnson and the New Consumer Health Company - that
are better positioned to deliver improved health outcomes for
patients and consumers through innovation, pursue more targeted
business strategies and accelerate growth.
This leadership transition will occur upon completion of the
planned separation of the Consumer Health business, expected to
occur within 2023, subject to legal requirements including
consultation with works councils and employee representatives, as
required. Directors and additional executive leadership
appointments will be determined in the coming months as the planned
separation process progresses.
Alex Gorsky, Executive Chairman
of Johnson & Johnson comments, "On behalf of the Board, I
couldn't be more pleased to announce the appointment of Thibaut as
CEO Designate. Thibaut is a visionary and respected global leader,
whose consumer-centric mindset has repeatedly propelled the
business forward. Under his leadership, the Consumer Health
business of Johnson & Johnson has advanced its innovation to
reach consumers with products that truly make a difference in their
personal health, while simultaneously delivering healthy financial
results. Having worked with both Thibaut and Paul for many years,
and, after conducting a thorough external search, I am confident in
their collective ability to lead the New Consumer Health Company
and its portfolio of iconic brands into the future as a standalone
company. I look forward to our continued partnership as the Company
continues to work towards the planned separation."
Joaquin Duato, Chief Executive
Officer of Johnson & Johnson adds, "In recent years, I've seen
firsthand the strength and value this team brings to consumers
around the world. Whether it is sustainable innovation or digitized
ways of working, the Consumer Health business of Johnson &
Johnson is on the leading edge of global industry and consumer
trends. With Thibaut at the helm, we can expect the New Consumer
Health Company to remain mission driven with iconic, science-backed
brands and a strong commitment to innovation and remarkable talent.
He will be supported by Paul, who brings a strong track record of
delivering transformational improvements and who has in-depth
knowledge and expertise of the consumer goods industry. I am
confident that Thibaut and Paul are the right leaders to deliver
significant value for stakeholders."
About Thibaut Mongon
A business leader with more than 20 years of global experience
at Johnson & Johnson, Thibaut
Mongon has served as Executive Vice President and Worldwide
Chairman of Consumer Health at Johnson & Johnson since
2019.
Mongon is responsible for leading one of the world's largest
portfolios of consumer health products with trusted brands
including TYLENOL®, NEUTROGENA®, AVEENO®, LISTERINE®,
and JOHNSON'S®, that improve the personal health of more than one
billion consumers at every age and stage of life in more than 100
countries.
Mongon is the driving force behind the strong business momentum
and world-class capabilities in the Consumer Health segment. His
strategic vision has led to the unlocking of significant value for
the business through external partnerships and strategic
acquisitions.
Mongon serves on the board of the Consumer Goods Forum. He holds
a degree in Business Administration from the KEDGE Bordeaux
Business School, a Master of Business Administration from INSEAD
and has lived in Europe,
Latin America, Asia, and North
America.
About Paul Ruh
Paul Ruh is a seasoned global
financial executive with deep experience in the consumer-packaged
goods (CPG) industry. Ruh joined Johnson & Johnson five years
ago to become the CFO of the Consumer Health business. He came from
PepsiCo, having held the position of CFO of Latin America from 2015 until January
2017. Ruh held several roles in both the Food and the
Beverages businesses throughout his 17-year tenure at PepsiCo and
has also held previous positions at McKinsey & Company and
Procter & Gamble.
Ruh holds a Master of Business Administration from the
MIT Sloan School of Management and a
Bachelor of Science in Engineering from the Universidad
Iberoamericana in Mexico City.
About the Planned Separation of the Consumer Health
Business
As previously announced, the planned separation is expected to
create value for all stakeholders by aiming to achieve the
following key goals:
- Increase management focus, resources, agility and speed to
effectively address differing industry trends and to better meet
the needs of the new Johnson & Johnson and the New Consumer
Health Company patients and consumers;
- Further focus capital allocation based on the objectives of
each independent company;
- Provide each company with a compelling financial profile that
more accurately reflects the strengths and opportunities of each
business and, as a result, offers investors a more targeted
investment opportunity; and
- Align corporate and operational structures so each company is
better able to drive growth and value creation.
The New Consumer Health Company would be a leading global
consumer health company, touching the lives of over one billion
consumers around the world every day through iconic brands such as
NEUTROGENA®, AVEENO®, TYLENOL®,
LISTERINE®, JOHNSON'S®, and
BAND-AID® and continuing its legacy of
innovation.
The New Consumer Health Company would be expected to benefit
from a strong investment grade profile and balance sheet that would
allow it to build on its long history of innovation and maintain
and extend its leadership position across important and growing
categories.
The new Johnson & Johnson would remain the world's largest
and most diverse healthcare company and continue its commitment to
lead in global healthcare Research & Development, with a
portfolio that includes strong Pharmaceutical and Medical Device
capabilities focused on advancing the standard of care through
innovation and technology.
About Johnson & Johnson
At Johnson & Johnson, we believe good health is the foundation
of vibrant lives, thriving communities and forward progress. That's
why for more than 130 years, we have aimed to keep people well at
every age and every stage of life. Today, as the world's largest
and most broadly-based healthcare company, we are committed to
using our reach and size for good. We strive to improve access and
affordability, create healthier communities, and put a healthy
mind, body and environment within reach of everyone, everywhere. We
are blending our heart, science and ingenuity to profoundly change
the trajectory of health for humanity. Learn more at www.jnj.com.
Follow us at @JNJNews.
Cautions Concerning Forward-Looking Statements
This release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things: the anticipated separation of Johnson &
Johnson's Consumer Health business; future operating and financial
performance, product development, market position and business
strategy. Readers are cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Johnson & Johnson. Risks and uncertainties
include, but are not limited to: Johnson & Johnson's ability to
satisfy the necessary conditions to consummate the separation of
Johnson & Johnson's Consumer Health business on a timely basis
or at all, Johnson & Johnson's ability to successfully separate
Johnson & Johnson's Consumer Health business and realize the
anticipated benefits from the separation, the New Consumer Health
Company's ability to succeed as a standalone publicly traded
company, economic factors, such as interest rate and currency
exchange rate fluctuations; competition, including technological
advances, new products and patents attained by competitors;
challenges inherent in new product research and development,
including unexpected clinical trial results, additional analysis of
existing clinical data, uncertainty of clinical success and
obtaining regulatory approvals; uncertainty of commercial success
for new and existing products; the impact of business combinations
and divestitures; challenges to patents; the impact of patent
expirations; the ability of Johnson & Johnson to successfully
execute strategic plans, including restructuring plans;
manufacturing difficulties or delays, internally or within the
supply chain; product efficacy or safety concerns resulting in
product recalls or regulatory action; significant adverse
litigation or government action, including related to product
liability claims; changes to applicable laws and regulations,
including tax laws, global health care reforms and import/export
and trade laws; trends toward health care cost containment; changes
in behavior and spending patterns of purchasers of health care
products and services; financial instability of international
economies and legal systems and sovereign risk; increased scrutiny
of the health care industry by government agencies. A further list
and descriptions of these risks, uncertainties and other factors
can be found in Johnson & Johnson's Annual Report on Form 10-K
for the fiscal year ended January 2,
2022, including in the sections captioned "Cautionary Note
Regarding Forward-Looking Statements" and "Item 1A. Risk Factors,"
in Johnson & Johnson's most recently filed Quarterly Report on
Form 10-Q and in Johnson & Johnson's subsequent filings with
the Securities and Exchange Commission. Copies of these filings are
available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Any forward-looking statement made in this
presentation speaks only as of the date of this presentation.
Johnson & Johnson does not undertake to update any
forward-looking statement as a result of new information or future
events or developments.
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SOURCE Johnson & Johnson