8-KLeadership Changes

JOHNSON & JOHNSON 8-K Report, Executive Changes (Oct 12, 2006)

Filed October 12, 2006For Securities:JNJ

Summary

This 8-K filing from Johnson & Johnson reports on a significant leadership transition within its finance department. Robert J. Darretta, Vice Chairman and CFO, has announced his retirement in early 2007. This signals the end of an era for a key executive, and investors will be keen to understand the implications of this change. The company has proactively named Dominic J. Caruso as the successor to Mr. Darretta, appointing him as Corporate Vice President, Finance and Chief Financial Officer, effective January 1, 2007. Mr. Caruso, who has held various senior finance roles within the company since 1999, including leading the Group Finance organization, brings a deep understanding of Johnson & Johnson's operations. His appointment to the Executive Committee and reporting to the CEO, William C. Weldon, indicates confidence in his ability to manage the company's financial strategy moving forward.

Key Highlights

  • 1Robert J. Darretta, Vice Chairman and CFO, will retire in early 2007.
  • 2Dominic J. Caruso appointed Corporate Vice President, Finance and CFO, effective January 1, 2007.
  • 3Mr. Caruso will join the Company's Executive Committee.
  • 4Mr. Caruso will report directly to Chairman and CEO, William C. Weldon.
  • 5Mr. Caruso has extensive finance experience within Johnson & Johnson since 1999.
  • 6The filing includes a press release dated October 6, 2006, detailing these changes as Exhibit 99.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce a significant change in Johnson & Johnson's executive leadership, specifically the upcoming retirement of its CFO and the appointment of his successor.

Dominic J. Caruso has been appointed as the new Corporate Vice President, Finance and Chief Financial Officer, effective January 1, 2007. He will succeed Robert J. Darretta upon his retirement.

Mr. Caruso has a long tenure with Johnson & Johnson, joining in 1999. He has held various senior finance positions, including Vice President of Group Finance for the Medical Devices and Diagnostics (MD&D) Group and most recently leading the Company's Group Finance organization since December 2005.

Yes, Dominic J. Caruso will report directly to William C. Weldon, the Company's Chairman and Chief Executive Officer, and will also become a member of the Company's Executive Committee.