(CNN Business)Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky.

Gorsky, who has served as CEO and chairman since 2012, will become executive chairman at that time, according to a news release. Duato has worked for Johnson & Johnson for more than 30 years, according to the release, and serves currently as the vice chairman of Johnson & Johnson’s executive committee.”As the world continues to face significant health challenges, including the ongoing pandemic, I am inspired by Johnson & Johnson’s opportunity to play a key role in meaningfully improving the global trajectory of human health,” Duato said.Gorsky said in the release that it was an honor to lead the company.Read More”I have the utmost confidence in Joaquin to lead Johnson & Johnson as the Company’s next CEO,” Gorsky said. “Over our more than 25 years of working together, he has always demonstrated a passion for solving complex medical and business challenges.”It was during Gorsky’s time at the helm that Johnson & Johnson developed a one-dose vaccine for Covid-19. He was also leading the company when it faced lawsuits claiming its talcum powder caused cancer. Johnson & Johnson (JNJ) said in 2020 that it would stop selling the product.

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