J&J names Thibaut Mongon, present client well being chief, as CEO of latest spin-off firm

Signage is displayed exterior of Johnson & Johnson headquarters in New Brunswick, New Jersey, Aug. 1, 2020.

Mark Kauzlarich | Bloomberg | Getty Pictures

Johnson & Johnson on Wednesday introduced that the present head and the chief monetary officer of its client well being portfolio will lead the enterprise when it spins off right into a separate publicly traded firm in 2023.

Thibaut Mongon, the present chief of the buyer well being enterprise, will grow to be CEO of the standalone firm, and Paul Ruh will stay in his present function of chief monetary officer. Mongon has served as J&J’s client well being chief since 2019, and Ruh has served as CFO since 2017.

Govt Chair Alex Gorsky mentioned J&J carried out an exterior government search, however determined that Mongon and Ruh have been greatest geared up to guide the standalone firm.

J&J introduced in November that it might sheer off the buyer well being enterprise from its faster-growing medical gadgets and pharmaceutical portfolios.

The patron well being enterprise makes widespread family merchandise and over-the-counter medicines corresponding to Tylenol, Band-Help, Listerine, Neutrogena and Aveena skincare, and Johnson’s child merchandise.

Shopper well being gross sales grew 4.1% to $14.6 billion in 2021, whereas J&J’s pharmaceutical gross sales grew 14.3% to $52 billion and medical gadgets gross sales grew almost 18% to $27 billion final yr.

Within the first quarter of this yr, client well being gross sales declined 1.5% to $3.59 billion as in contrast with the identical interval in 2021, as a result of provide constraints on components and packaging supplies significantly for its pores and skin well being and sweetness merchandise. Nevertheless, J&J CFO Joe Wolk mentioned demand was robust for over-the-counter drugs corresponding to Tylenol and Motrin.

The patron well being enterprise confronted tens of 1000’s of lawsuits lately that alleged its talc child powder contained cancer-causing asbestos. J&J created a subsidiary that was positioned in chapter to resolve the claims. The corporate stopped promoting the child powder within the North American market in 2020, however nonetheless sells its elsewhere on this planet.

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