American firm Johnson & Johnson (J&J) has announced its intent to separate the company’s Consumer Health business, creating a new publicly traded company.

The planned separation would create two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation, pursue more targeted business strategies and accelerate growth.

Following the planned separation, the new Johnson & Johnson would continue its commitment to lead in global healthcare R&D and innovation, with a portfolio that blends its strong Pharmaceutical and Medical Device capabilities focused on advancing the standard of care through innovation and technology.

Alex Gorsky will serve as Executive Chairman of Johnson & Johnson and transition the Chief Executive Officer role to Joaquin Duato, currently Vice Chairman of the Company’s Executive Committee, effective January 3, 2022. Duato would continue to lead the new Johnson & Johnson following completion of the planned separation.