Johnson & Johnson announced that chief financial officer Dominic Caruso will retire from the company in September, with Joseph Wolk, the current vice president of investor relations, taking over the role effective July 1. Caruso was appointed as CFO in 2007 and has been at Johnson & Johnson for 19 years.

Commenting on the news, CEO Alex Gorsky said Caruso "provided Credo-based leadership and financial stewardship through the economic downturn and was instrumental in helping…deliver significant gains over the past five years." Johnson & Johnson noted that under Caruso's tenure as CFO, the drugmaker completed three of its largest acquisitions, including the $30-billion purchase of Actelion and a deal for Pfizer's consumer health unit.

Wolk has been with Johnson & Johnson for 19 years and has served on the finance leadership team, while previously holding the role of CFO of the Janssen Pharmaceutical division. Gorsky remarked Wolk "has a long track record of success… and has proven business acumen as well as a deep understanding of the many facets of Johnson & Johnson."

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