Johnson & Johnson (NYSE:JNJ) said yesterday its chief financial officer and exec VP Dominic Caruso will retire, effective in September, with investor relations VP Joseph Wolk slated to take over the CFO role on July 1.
Caruso has served as CFO for the New Brunswick, N.J.-based multinational for approximately 11 years, which the company said is the longest any individual has served in the role. During his time with J&J, Caruso oversaw the acquisitions of Actelion, Synthes and Pfizer‘s Consumer Health division, the company said.
“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. 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,” chair & CEO Alex Gorsky said in a prepared statement.
Caruso and Wolk will reportedly work closely during the six-month transition period. Wolk has worked with Johnson & Johnson for 19 years, and has directly served under Caruso since 2014. Prior to joining J&J, Wolk acted as CFO of J&J’s Janssen Pharmaceutical companies and was a member of Janssen’s group operating committee.
“Joe is a strong, collaborative, credo-based leader who has a long track record of success, most recently as head of investor relations. In this role, he quickly developed relationships with the investment community and has proven business acumen as well as a deep understanding of the many facets of Johnson & Johnson. His varied experience has brought innumerable benefits to the corporation and we look forward to the valuable contributions he will make in his new role,” Gorsky said in a press release.
The transition is expected to be a smooth process, according to Leerink Partner analyst Danielle Antalffy, who expects that Wolk was being groomed by Caruso during their time working together.
“Now with nearly 2 years of experience in an investor-facing role as Head of Investor Relations, Wolk seems more than ready to take the baton from Caruso. Overall, we’d expect no change to JNJ’s overall capital deployment strategy or the way the company communicates with the Street because of this transition,” Antalffy wrote in their letter to investors.
Last month, Johnson & Johnson said that its medical device business paid an undisclosed amount to acquire French robot-assisted surgery company Orthotaxy.