Joaquin Duato, Executive Vice President and Worldwide Chairman of Pharmaceuticals at Johnson & Johnson on Tuesday, January 31, 2017.

Andrew Harrer | Bloomberg | Getty Images

Johnson & Johnson announced on Thursday evening that Joaquin Duato will become the company’s new CEO, effective January 3, replacing current Chairman and CEO Alex Gorsky.

Duato will also be appointed to the company’s board of directors following his move to the C-suite role.

“It has been an honor and privilege to lead this company as Chairman and CEO for nearly a decade, and as Executive Chairman, I am excited to contribute to Johnson & Johnson’s continued advances in improving the health of people and communities everywhere monitor, “said Gorsky, who has served in his current role for 9 years, wrote in a statement.

“This is the right time for the company as our organization is performing well in all three segments and is positioned for continued success. It is also the right time for me personally as I focus more on my family for family health reasons.” ,” he added.

Johnson & Johnson shares fell nearly 1% during extended trading.

J & J’s vaccine was originally touted as a blessing by federal health officials when it was approved by the Food and Drug Administration in late February, as it only requires one dose and can be stored at refrigerator temperatures for months.

Since then, it has suffered from poor public perception of its overall effectiveness, concerns about rare side effects, and production delays.

In April, the FDA announced it was adding a warning label to J & J’s Covid vaccine, listing blood clotting as a rare side effect.

Earlier this month, CVS Health discontinued J & J’s single-dose Covid-19 vaccine in its pharmacies.

Continue reading: CVS is discontinuing the administration of J&J Covid vaccines in pharmacies and continues to offer vaccinations in a few MinuteClinics

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