Johnson & Johnson said Friday that Bill Weldon, its chairman of ten years, would step down within a month and retire shortly thereafter.
In a statement, J&J said its board of directors had elected CEO Alex Gorsky as the company's new chairman. He plans to assume the role on Dec. 28. At that time, Weldon — who had been the global health care company's CEO up until March and has served as chair since 2002 — will step down from the board.
The company added that Weldon would retire sometime within the first quarter of next year. During his tenure, Weldon had simultaneously held the titles of chairman, CEO and chair of the Executive Committee.
"Bill's leadership and contributions to Johnson & Johnson over a 41-year career leave us well-positioned to continue addressing the world's most prevalent diseases and unmet needs in health care," Gorsky said in a statement. "Our financial strength, global reach, and innovations that help people live longer, healthier lives are a proud legacy for Bill and a strong foundation for the future of Johnson & Johnson."