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Consumer CEO update

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anonymous

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Anyone got an update on the rigorous and thorough external search going on for CEO that will return Thibault as the obvious candidate?
Rumor is JJ Board has misjudged investor sentiment, not sure they get it yet.
 




anonymous said:
Anyone got an update on the rigorous and thorough external search going on for CEO that will return Thibault as the obvious candidate?
Rumor is JJ Board has misjudged investor sentiment, not sure they get it yet.
Click to expand...

I for sure hope not. Both on CEO and Investor sentiment. If so, we're in a bad place and Joaquin will have killed a hundred year business before he even took over!
 








I’m from Supply Chain and I’m hearing that exact same sentiment. Investors are not happy and it will scale back the business. The board of Directors still have not voted..idiots
 




I wouldn't be shocked if it doesn't happen.

Makes no sense to make an announcement like this without the BOD approving it first, unless they're
trying to gauge the investor reaction before making a final decision.

It's probably the right thing to do in the long term, but JNJ is not a long term thinking company.
 




Exactly, what public traded co. with BOD in place, announces a spin-off without their approval? I hear it was more like a “here’s our plan” type of announcement “what do you think?” Now they’re evaluating the remarks and take action…so stupid.
 




As with everything at JNJ, this is about the stock price.

If we would just stop using stock as a part of compensation the price would steadily rise at an impressive rate,
even if we substituted cash for the stock.
 
















anonymous said:
Consumer leadership keep presenting positive future. Everything will be better. No change to the strategy.
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This is their standard playbook when making big changes, all of which never consider the worker-bee employees, because they’re usually getting screwed. This will be great for everyone in xxxxxxx (consumer, device, pharma). Sure, it will work out great for some
peeps, but the majority won’t be happy a year or so down the line.
 
























Anyone listen to the CNBC summary...
https://www.cnbc.com/2022/01/10/johnson-johnson-spin-off-consumer-division.html

Favorite quote. "Opportunity for consumer to bring in all new leadership ..."
Let's see if they do that. 70% of the leaders in JNJ consumer have 15+ years. Most have a strong OTC background as well which has a go to market requirement that is quite different from truly consumer brands. Great if you want to stay doing things the way you have always done them. Would love to see ex leaders of brands like Paula's Choice maybe even Consumer from a Retailer take the cause and help brands like Neutrogena, Baby, and AVEENO come back strong. If Olay does it well...so should we.
 




anonymous said:
Funny. It is time for a STRONG leader period. I don't care if they are purple. Do what you say you are going to do and let's get this ship turned.
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Thibaut is a strong leader and if you like him or not most don't the division is more profitable now. But the standalone company will need very different.
 








Two schools of thought,

#1-retire or leave now with J&J resume and go with competitor for better opportunity and pay, or

#2-wait it out and check on possible severance and/or opportunity to move up the ladder within New Consumer.

Problem with #2 is less number and quality of external opportunities will be available in 1-3 years if a decision is made to stay now and leave later due to current unknowns. Person now reporting to you currently at J&J might end up being your boss at a competitor if they leave now and you leave later.

No final word on severance packages for associates dumped from J&J to “New Consumer” but not looking good. Lack of severance pay for dumped associates will save J&J two billion dollars now based on the justification that New Consumer is not an “external”company.

Word on the street is that some percentage of dumped J&J associates will not be retained by “New Consumer” long-term or will be required to take a demotion/pay cut. Makes sense as “New Consumer” cannot be profitable continuing J&J pay rates and bonuses and current number of associates. Transition also takes place with looming J&J pension changes so “New Consumer” may have no long-term pension benefit, not even the new 15% pension deal effective for J&J associates in 2026.

This is another reason to be proactive and have a choice in terms of what new company to hire on with when leaving J&J. Benefits of New Consumer competitors (BMS, etc) will be better defined/known up front, like right now for example.
 




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