In January, the company reported fourth-quarter earnings and revenue that beat Wall Street’s expectations.
So the question is, will the next CEO — Alex Gorsky — solve these problems and win back consumer and investors’ trust? Funtleyder has every confidence he'll turn things around.
“Gorsky is coming in at a good time because utilization of medical equipment is going up, related to the economy,” he said.
Gorsky is currently head of Johnson & Johnson’s medical devices and diagnostics business. He takes the CEO helm as of April 26, and Weldon will remain the company chairman, according to the company.
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Les Funtleyder does not personally own J&J stock, but Miller Tabak Health Care includes the stock in its Transformation Fund.