- Push-out Score suggests push-out forces
- After almost 12 years in the position
- Accolades, praise and good wishes for Caruso
- Joe Wolk taking over
(exechange) — New Brunswick, New Jersey, March 20, 2018 — Dominic Caruso, finance chief of Johnson & Johnson, leaves. As announced by Johnson & Johnson, Inc. in a news release and in a regulatory filing published on Tuesday, March 20, 2018, Dominic J. Caruso leaves his post as Chief Financial Officer at the medical devices, pharmaceutical and consumer packaged goods manufacturing company after almost 12 years in the position, effective July 1, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6 years, according to data compiled by exechange. Only 22 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.
Caruso’s duties will be taken over by Joseph (Joe) Wolk, currently Vice President of Investor Relations of Johnson & Johnson, Inc.
No reason given
In the announcement, Johnson & Johnson did not explicitly explain the reason for Caruso’s move, leaving room for speculation.
Precise information about Caruso’s future plans was not immediately available.
Johnson & Johnson said: “Dominic J. Caruso, Executive Vice President, Chief Financial Officer, has elected to retire in September 2018 after a distinguished 19-year career with the Company.”
Johnson & Johnson further said: “Dominic J. Caruso, the Company’s Executive Vice President, Chief Financial Officer, has elected to retire in September 2018.”
Chaired by Alex Gorsky
Johnson & Johnson, Inc. is chaired by Alex Gorsky.
Alex Gorsky has been the Chairman and Chief Executive Officer of Johnson & Johnson since December 28, 2012 and April 26, 2012 respectively.
In the position of CFO since 2007
Caruso was named CFO in 2007, and served as CFO longer than anyone in the company’s 132- year history.
Dominic J. Caruso is Executive Vice President and Chief Financial Officer of Johnson & Johnson.
Caruso serves as a member of the Company’s Executive Committee and has responsibility for financial and investor relations activities, as well as the Company’s procurement organization.
He assumed his current position in January 2007.
Under Caruso’s stewardship, Johnson & Johnson has strengthened and built upon its position as the world’s largest and most diversified health care company.
Through organic growth and acquisitions, Caruso has driven Johnson & Johnson’s growth and capital allocation strategies to significantly outpace its competitors.
Caruso is actively involved in government relations activities both in the United States and other countries, and as the Co-Chair of the U.S. Chamber of Commerce Global Initiative on Health and the Economy.
He is also a frequent speaker and has authored book chapters regarding financial principles in several publications, including The Business of Ethics.
Caruso joined Johnson & Johnson in October 1999 as Chief Financial Officer for Centocor, Inc., upon the completion of the merger of Centocor and Johnson & Johnson.
Prior to joining Centocor, he had varied industry experiences with the audit and tax services firm KPMG.
During his first seven years at Johnson & Johnson, Caruso held various CFO positions across multiple areas of the business.
Caruso graduated from Drexel University with a Bachelor of Science in Business Administration. He currently serves on the Board of Trustees of The Children’s Hospital of Philadelphia and the Cystic Fibrosis Foundation.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Dominic Caruso’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 13.2018 ($).