Johnson & Johnson’s Chief Financial Officer is set to step down
Spanning a near 20-year career at Johnson and Johnson, Chief Financial Officer Dominic J. Caruso is set to retire in September this year, after serving as Chief Financial Officer since 2007.
The longest running CFO in the company’s history, Caruso has been the figurehead behind the company’s acquisitions of Actelion, Synthes and Pfizer Consumer Health, amongst others.
He has also been instrumental in driving growth and capital allocation strategies that has seen Johnson & Johnson to exceed its competitor composite, as well as most major indices.
Additionally, with a passion for developing talent, Caruso and the finance organisation have established a best-in-class Talent Development program and have been stewards of sustainable financial principles since its establishment.
"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," commented Alex Gorsky, Chairman and Chief Executive Officer of Johnson & Johnson.
"Dominic made a big impact inside our company, and he is well-respected throughout our industry."
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Outside of Johnson & Johnson, Caruso serves on the CNBC CFO Council and is Co-Chair of the US Chamber of Commerce Global Initiative on Health and the Economy. He was recently recognised as the #1 CFO in the pharmaceutical sector by Institutional Investor and serves on the Board of Trustees for The Children's Hospital of Philadelphia and the Cystic Fibrosis Foundation.
Vice President of Johnson & Johnson Investor Relations, Joseph Wolk is set to assume the role from July 2018. Whilst reporting to Chief Executive Officer Alex Gorsky, Caruso will work with him across a six-month transition period.
Wolk has been with Johnson & Johnson for 19 years and has served on the Finance Leadership team and has reported directly to Caruso since 2014. Previously, he has led teams across a number of divisions at Janssen Group and Johnson & Johnson.
"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 said.
"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."
Zoom enters the healthcare market - a timeline
Since the pandemic began Zoom has become an integral part of daily life for people working from home, as well as a vital tool for families and friends to communicate. However it's also been eyeing up the healthcare space since 2017, and following the boom in telehealth the company has been rolling out additional services. Here we chart Zoom's move into healthcare.
2011 - 2013
Zoom is founded in San Jose, California, by Eric Yuan, formerly of Cisco. He got the idea to create a video calling platform from his visits to his girlfriend while he was a student, which would take 10 hours by train.
A beta version is released in 2012, which can host up to 15 participants. In 2013 this rises to 25. By mid-2013, Zoom has 1 million users.
2014 - 2017
Zoom attracts investors, including Sequoia Capital, Emergence and Horizon Ventures. By January 2017, Zoom has a series D funding worth $100 million.
2017 - 2019
Zoom for Telehealth launches, including an integration with EHR system Epic. It has cloud-based video, audio, and content sharing features, a "waiting room" for patients, and can easily be integrated into healthcare provider's workflows.
In 2019 Zoom goes public, with its IPO rising 72% in one day.
As a result of the pandemic, Zoom gains 2.2 million new users, more than in the whole of 2019. On the 23rd of March alone - the day the UK lockdown was announced - the platform was downloaded 2.13 million times around the world.
Share prices rise to around $150, and founder and chief executive Eric Yuan becomes one of the world's richest people, with an estimated net worth of $7.9 billion.
Early security issues are addressed by encrypting data with the Advanced Encryption Standard (AES). By now the the platform allows 99 people to be on a call simultaneously
New features launch, including Zoom Home and Zoom for Chats. Throughout the year the platform is used to replace most kinds of real life events: work meetings, online classrooms, church services and social events.
Renamed Zoom for Healthcare, users can share secured video, audio, and content through desktops, mobile phones, and conference devices. As well as Epic, it can be integrated with Strmr, IntakeQ, and Practice Better.
It can also be used with diagnostic cameras and other point-of-care devices, including digital stethoscopes.
In an interview with Korea Biomedical Review, Zoom Global Healthcare Lead Ron Emerson said: "Our service is not simply a virtual care and telemedicine platform but a multi-purpose platform that can satisfy the needs of healthcare institutions."
"It can be used for administrative tasks, including telemedicine, medical team meetings, recruitment, medical education, employee training, and disease prevention. Analysing electronic records managed by Zoom could provide meaningful insights into patient care."
Phoenix Children's Hospital, Belfast's Hospital Services Limited, Butler Health Services and the global Project ECHO are among Zoom for Healthcare's current customers.