J&J Names Non-Executive Chair Designate of New Consumer Health CompanyBy
Johnson & Johnson (J&J) has appointed Larry Merlo, formerly President and CEO of CVS Health, as Non-executive Chair Designate of the Board of Directors for it-to be-listed stand-alone New Consumer Health Company. Last November (November 2022), J&J announced plans to split J&J into two separate, stand-alone, publicly traded companies, one focused on pharmaceuticals and medical devices, and the other on consumer health. Merlo will support preparations for the planned separation, expected to occur in 2023. In May (May 2022), J&J named Thibaut Mongon, currently Executive Vice President, Worldwide Chairman, Consumer Health at J&J, as CEO Designate of the New Consumer Health Company.
Merlo served as President and CEO of CVS Health from 2011 to 2021 and as a board member for CVS Health, America’s Health Insurance Plans, National Association of Chain Drug Stores, and the Partnership for Rhode Island and Business Roundtable. He also serves on the University of Pittsburgh Board of Trustees and formerly chaired the Research & Innovation Committee.
Merlo will formally assume the role as Non-executive Chair upon completion of the planned separation, expected to occur in 2023 subject to legal requirements, including consultation with works councils and employee representatives, as required. Additional directors will be determined and announced in the coming months (as reported on as the planned separation process progresses.
Source: Johnson & Johnson