Joseph Wolk to take over from retiring Dominic Caruso
The company said late Tuesday that Caruso, who plans to retire in September, has served as Johnson & Johnson CFO longer than anyone in its 132- year history. He was named CFO in 2007 and has been with the company for 19 years.
Plans call for Wolk, currently vice president of investor relations, to assume the executive vice president and CFO post on July 1 and work closely with Caruso during the six-month transition.
Reporting to chairman and chief executive officer Alex Gorsky, Wolk will also become a member of the executive committee with his promotion to Johnson & Johnson CFO.
“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,” Gorsky said in a statement. “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.”
Johnson & Johnson noted that, under Caruso’s leadership, the company completed three of its largest acquisitions: Actelion, Synthes and Pfizer Consumer Health.
He also was instrumental in driving growth and capital allocation strategies that led Johnson & Johnson to exceed its competitor composite, as well as most major indices, for total shareholder return in 2017 and over the last three-, five-, 10- and 20-year periods, the company said.
Outside of Johnson & Johnson, Caruso serves on the CNBC CFO Council and is Co-Chair of the U.S. Chamber of Commerce Global Initiative on Health and the Economy. He was recently recognized as the No. 1 CFO in the pharmaceutical sector by Institutional Investor.
Wolk has been with Johnson & Johnson for 19 years and has served on the finance leadership team, reporting directly to Caruso since 2014. Previously, he was vice president of finance and CFO of subsidiary Janssen Pharmaceutical Cos. Prior to that role, he held many senior posts in pharmaceuticals, medical devices and supply chain.
“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,” Gorsky commented. “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.”