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J&J’s longest-standing CFO finally steps down

Published on 21/03/18 at 09:45am

Johnson & Johnson have revealed that its Chief Financial Officer and Executive Vice President, Dominic J. Caruso, will retire from his position in September of this year.

Caruso spent close to 12 years in his position as CFO of the pharma giant and was the longest serving in this position during the company’s 132-year history.

Caruso originally joined J&J through its merger with Centocor, of which he was the CFO at the time; he then progressed through a number of CFO positions across different areas of the business during a 19-year career with the company.

He presided over three of the company’s largest acquisitions: the recent $30 billion takeover of Actelion, the $21.3 billion deal for Synthes, and a $16.6 billion deal for Pfizer Consumer Healthcare.

“During his nearly 12 years as CFO, Dominic provided Credo-based leadership and financial stewardship through the economic downturn and was instrumental in helping the company deliver significant gains over the past five years,” said Alex Gorsky, Chairman and Chief Executive Officer of Johnson & Johnson. “Dominic made a big impact inside our company, and he is well-respected throughout our industry.  We wish Dominic, his wife, Debbie, and their family the very best in the years ahead.”

Caruso will be succeeded by Joseph Wolk, current Vice President of J&J Investor Relations, who will become Executive Vice President and CFO on 1 July 2018. During the interim period, J&J revealed that both the outgoing and incoming CFO will work together to smooth the transition.

Wolk has also worked at J&J for 19 years, which has included reporting directly to Caruso since 2014. He has prior experience as CFO of the Janssen pharmaceutical business.

Ben Hargreaves

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