New Brunswick-based Johnson & Johnson on Wednesday said the current head and the chief financial officer of its Consumer Health division will lead the business when it spins off into a separate publicly traded company in 2023.
Thibaut Mongon will become CEO of the standalone company, and Paul Ruh will remain in his current role of CFO. Mongon has served as J&J’s consumer health leader since 2019, and Ruh has served as CFO since 2017.
The world’s largest health products company in November announced it would spin off its Consumer Health division that sells Listerine and baby powder to focus on pharmaceuticals and medical devices, in the biggest shake-up in its 135-year history. The planned separation would create two global leaders — the new Johnson & Johnson and the new Consumer Health company.
“On behalf of the board, I couldn’t be more pleased to announce the appointment of Thibaut as CEO-designate,” Alex Gorsky, executive chairman of Johnson & Johnson, said in a statement. “Thibaut is a visionary and respected global leader, whose consumer-centric mindset has repeatedly propelled the business forward. Under his leadership, the Consumer Health business of Johnson & Johnson has advanced its innovation to reach consumers with products that truly make a difference in their personal health, while simultaneously delivering healthy financial results. Having worked with both Thibaut and Paul for many years, and, after conducting a thorough external search, I am confident in their collective ability to lead the new Consumer Health company and its portfolio of iconic brands into the future as a standalone company. I look forward to our continued partnership as the company continues to work towards the planned separation.”
The leadership transition would occur after the separation completes, which is expected to happen within 2023, subject to legal requirements, the company said.