Johnson & Johnson Announces Changes to Accelerate GrowthThree New Units to Focus on Convergence and New Opportunities
NEW BRUNSWICK, N.J., November 15, 2007 /PRNewswire-FirstCall/ -- Johnson & Johnson today announced a series of organizational changes, including the creation of a new strategy and growth organization to sharpen its focus on opportunities outside its traditional areas of interest and in the growing intersections of health care and the creation of two new business operating groups. The changes are designed to accelerate growth for Johnson & Johnson by building on the unique strengths afforded by the Company's broad base of businesses and decentralized structure.
A new Office of Strategy and Growth will identify opportunities for future growth that are distinct from those being pursued by the Company's existing businesses; a Surgical Care Group will focus on advancing technologies, solutions and services to enhance patient care in the surgical setting; and a Comprehensive Care Group will create portfolios to address some of the world's most chronic and pervasive conditions, such as metabolic disorders, through the convergence of technologies, products and services.
"These decisions recognize that a new environment is emerging in human health and well-being," said William C. Weldon, Chairman and Chief Executive Officer of Johnson & Johnson. "They reflect our assessment of the best way for us to capture and develop the opportunities associated with those changes and they capitalize on the unique, broadly-based, decentralized approach of Johnson & Johnson."
The Office of Strategy and Growth will be led by Nicholas J. Valeriani, currently Worldwide Chairman, Medical Devices and Diagnostics. The new office will identify new growth opportunities distinct from existing pursuits that are strategic fits for Johnson & Johnson and that have the potential for significant impact on human health. As part of his role, Mr. Valeriani will assume responsibility for the Johnson & Johnson Development Corporation, the Corporate Office of Science and Technology, and Worldwide Operations. The devices and diagnostics companies currently under Mr. Valeriani's leadership will serve as the foundations for two new business operating groups, Surgical Care and Comprehensive Care.
Sherilyn S. McCoy, currently Company Group Chairman for Ethicon, will assume the role of Worldwide Chairman, Surgical Care, and will become a member of the Executive Committee of Johnson & Johnson, reporting to the CEO. Franchises comprising the Surgical Care Group will include Ethicon, Ethicon Endo-Surgery and DePuy.
Donald M. Casey, Jr., currently Company Group Chairman for the Diabetes franchise that includes LifeScan and Animas, will assume the role of Worldwide Chairman, Comprehensive Care, and will become a member of the Executive Committee, reporting to the CEO. Franchises comprising the Comprehensive Care Group will include Diabetes, Cordis, Johnson & Johnson Vision Care and Ortho- Clinical Diagnostics.
Each of the new organizations and appointments become effective, January 1, 2008.
"Much of the change in health care reflects the coming together of parts of the system that were at one time separate," Mr. Weldon said. "The very solutions that the health care system most needs -- those coming from the convergence of science, technology and services -- are the ones we are most capable of providing. We have the know-how across our pharmaceutical, biologics, devices, diagnostics and consumer businesses to bring completely new solutions to market. And we believe we can accelerate growth through a dedicated focus on the intersection of our existing capabilities, customer needs and emerging trends."
Separately, Joseph Scodari, Worldwide Chairman, Pharmaceuticals, informed the company of his intention to retire in early 2008. Mr. Weldon said that Mr. Scodari first spoke to the Company about his desire to retire several years ago, but agreed to remain in a leadership position for an extended time. "We have deeply valued Joe's counsel and steady guidance in building future opportunities for our pharmaceutical businesses," Mr. Weldon said.
Christine Poon will assume direct responsibility for the company's pharmaceutical and biological businesses and will continue as Vice Chairman of the Board of Directors. Ms. Poon's other corporate responsibilities have been reassigned to permit her to focus on the pharmaceutical and biological areas.
Johnson & Johnson's Consumer businesses are not directly impacted by today's announcements. Under the guidance of Colleen Goggins, Worldwide Chairman, Johnson & Johnson Consumer Group, the integration of the Pfizer Consumer Healthcare business continues to track ahead of the original acquisition plan.
Johnson & Johnson is the world's most comprehensive and broadly-based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, and medical devices and diagnostics markets. The more than 250 Johnson & Johnson operating companies employ approximately 120,000 men and women in 57 countries and sell products throughout the world.
CONTACT: Press: Jeffrey J. Leebaw, +1-732-524-3350; or Investor Contacts:Louise Mehrotra, +1-732-524-6491, Stan Panasewicz, +1-732-524-2524, LesleyFishman, +1-732-524-3922
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Posted: November 2007