Johnson & Johnson
JNJ,
+0.78%
said late Thursday that Joaquin Duato, vice chairman of the company's executive committee, will become CEO on Jan. 3, with Chairman and Chief Executive Alex Gorsky transitioning to executive chairman. Duato will also be appointed as a member of the board of directors, Johnson & Johnson said. Gorsky has served as the company's chairman and CEO for nearly a decade, and has been with Johnson & Johnson for 30 years. "The decision to step aside was one of the most difficult of my career," he said in a statement. "This is the right time for the company as our organization is delivering strong performance across all three segments and is positioned for continued success, in addition to this being the right time for me personally as I focus more on my family due to family health reasons." Johnson & Johnson shares fell 0.5% in the extended session Thursday after ending the regular trading day up 0.8%.