Enter multiple symbols separated by commas

Longtime J&J Chair to Retire, Hand Reins to CEO

Johnson & Johnson said Friday that Bill Weldon, its chairman of ten years, would step down within a month and retire shortly thereafter.

A Smart Bet on Johnson & Johnson?

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."

Contact Health Care


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.