Johnson & Johnson announced that Alex Gorsky, currently Chairman and Chief Executive Officer, will serve as Executive Chairman of Johnson & Johnson and transition the Chief Executive Officer role to Joaquin Duato, currently Vice Chairman of the Company's Executive Committee, effective January 3, 2022. Following the transition of the Chief Executive Officer role, Duato will also be appointed as a member of the Company's Board of Directors.
Gorsky has served as Chairman and Chief Executive Officer of Johnson & Johnson since 2012. During his tenure, Gorsky has overseen a more than 60% increase in R&D investments to $12 billion in 2020, making Johnson & Johnson one of the industry's top investors in research and development, as well as hundreds of acquisitions and partnerships that contributed to the Company's growth across its three segments and an increase in adjusted earnings per share of approximately 85% based on 2021 guidancei. Gorsky has also led the Company in transforming its Medical Devices business with a focus on electrophysiology, surgery, orthopaedics, vision care, and robotic and digital surgery, as well as shaping the Consumer Health portfolio with its strongholds in Self Care and Skin Health and foundation in Essential Health.
Duato's 30-plus year career at Johnson & Johnson has spanned multiple business sectors, geographies and functions. As Vice Chairman of the Executive Committee, he provides strategic direction for the Pharmaceutical and Consumer Health sectors and oversees the Global Supply Chain, Technology and Health & Wellness teams.
Duato added, "I have had the pleasure of working closely with Alex for many years and thank him for his outstanding leadership. I am pleased that I will continue to benefit from his guidance and insights moving forward. Above all I am excited to be leading the best team in the industry, and I am confident that we will continue to be guided by Our Credo in everything we do."