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Summary Box: J&J CEO to replace retiring chairman

The Associated Press

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.