Top Contenders Emerge in Johnson & Johnson's Race for New CEO, Plans Under Spotlight After Unexpected Departure

The race for Johnson & Johnson's JNJ top executive position has intensified following the unexpected exit of Ashley McEvoy, the former head of the company's medical device unit, potentially altering the anticipated succession plans within the healthcare giant. 

Jennifer Taubert, renowned for leading J&J's pharmaceuticals business, and Chief Financial Officer Joseph Wolk emerge as front-runners in this unfolding leadership transition, the Wall Street Journal reported, citing sources familiar with the matter.

Joaquin Duato, the current Chief Executive, assumed leadership in 2021, prompting speculation about the company's future leadership, given the relatively shorter tenures of the previous CEOs. 

Also Read: Johnson & Johnson Gets Analyst Upgrade Noting Bullish Pharma & MedTech Projections.

While Duato might continue for several more years, discussions within J&J suggest a potential leadership change within the next three to five years.

McEvoy's sudden departure, once seen as a leading candidate for the CEO position, raised eyebrows following her public expression of interest in a CEO role, which reportedly didn't align with J&J's leadership's expectations. 

Her exit, scheduled for early 2024, has triggered the appointment of Tim Schmid to replace her, positioning him as a potential contender for the top role if the medical device division achieves notable success in the coming years.

Price Action: JNJ shares are down 0.37% at $157.80 during the premarket session on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.