Johnson & Johnson taps ex-CEO of CVS for board leadership role at new consumer unit

Johnson & Johnson JNJ, -0.87% on Wednesday named former CVS Health Corp. CVS, -1.18% CEO Larry Merlo as non-executive chair designate of its new consumer health company, which the company announced in November. Merlo will assume a board leadership role with the new consumer health company for its planned separation from J&J in 2023. In May, J&J named Thibaut Mongon as chief executive officer designate for its new consumer health company. Shares of J&J are down 2.9% in 2022, compared to a loss of 13.4% by the S&P 500 SPX, -0.22% and a drop of 9.4% by the Dow Jones Industrial Average DJIA, -0.47%.