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Summary Box: J&J CEO to replace retiring chairman

(AP) - NEW CHAIRMAN: Johnson & Johnson said Friday Chairman Bill Weldon will step down in late December and be replaced by CEO Alex Gorsky.

FAMILIAR SWITCH: Gorsky, 52, was named CEO of the world's biggest health products maker earlier this year, replacing Weldon, 64.

ABOUT GORSKY: He has worked for J&J since becoming a sales representative in 1988, except for a four-year stretch when he went to rival Novartis AG. Gorsky had been responsible for J&J's medical devices business since 2009 before becoming CEO. Gorsky is a former Army captain with an MBA from the University of Pennsylvania's Wharton School.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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