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HomeBusinessJ&J names Thibaut Mongon as CEO of spin-off shopper well being firm

J&J names Thibaut Mongon as CEO of spin-off shopper well being firm

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

Mark Kauzlarich | Bloomberg | Getty Photos

Johnson & Johnson on Wednesday introduced that the present head and the chief monetary officer of its shopper 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 patron well being enterprise, will turn into CEO of the standalone firm, and Paul Ruh will stay in his present position of chief monetary officer. Mongon has served as J&J’s shopper well being chief since 2019, and Ruh has served as CFO since 2017.

Govt Chair Alex Gorsky stated J&J performed an exterior govt search, however determined that Mongon and Ruh had been finest outfitted to guide the standalone firm.

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

The buyer well being enterprise makes frequent family merchandise and over-the-counter medicines reminiscent of Tylenol, Band-Help, Listerine, Neutrogena and Aveena skincare, and Johnson’s child merchandise.

Client 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 12 months.

Within the first quarter of this 12 months, shopper well being gross sales declined 1.5% to $3.59 billion as in contrast with the identical interval in 2021, because of provide constraints on components and packaging supplies notably for its pores and skin well being and sweetness merchandise. Nonetheless, J&J CFO Joe Wolk stated demand was sturdy for over-the-counter drugs reminiscent of Tylenol and Motrin.

The buyer well being enterprise confronted tens of 1000’s of lawsuits in recent times 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 newborn powder within the North American market in 2020, however nonetheless sells its elsewhere on the planet.

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