Processing Magazine

J&J CFO Darretta to retire

October 9, 2006
According to Reuters, diversified U.S. health care company Johnson & Johnson said that Robert Darretta, the company''s vice chairman and chief financial officer, will retire in early 2007. The company, whose products range from Band-Aids to arthritis drug Remicade, announced Darretta''s retirement in a statement, but did not specify what professional plans, if any, he might have. Darretta, 60, is one of the most highly respected and experienced senior executives among large health care companies. As CFO since 1997, he has been involved in many deals for the highly acquisitive maker of pharmaceuticals, medical devices and consumer products. Dominic Caruso, J&J''s vice president of group finance, has been appointed CFO, effective January 1, the company said. Caruso joined J&J in 1999 through its acquisition of biotech company Centocor. As a J&J vice chairman, Darretta has been part of the company''s Office of the Chairman, which sets strategic direction, along with CEO William Weldon and Vice Chairman Christine Poon.