Johnson & Johnson named longtime company executive Sheri McCoy world-wide chairman of its pharmaceutical division, the largest but weakest-performing of J&J's three business segments.
Ms. McCoy, 49 years old, who currently heads the health-care conglomerate's surgical-care unit, will become one of the highest-ranking women in the drug industry. She will succeed Christine Poon, who has led the pharmaceutical division since 2000. Ms. Poon announced last month that she intended to retire in March.
Ms. McCoy will take her new post Jan. 1.
Like the rest of the pharmaceutical industry, J&J is facing increased generic competition while struggling to refill its pipeline of patented drugs. The pharmacy is working overtime to counter generics while Sales at J&J's medical-devices division grew 12% in the second quarter compared with a year ago, and its consumer-health sales rose 13%. Sales from its pharmaceutical segment rose just 3.1%. Excluding favorable currency-exchange rates, though, sales at the segment fell 1.3%.
A chemical engineer by training, Ms. McCoy was named in January to be chairman of the surgical group and to join the
Ms. McCoy's background doesn't specifically include pharmaceuticals, but J&J views breadth of business experience as an asset, according to J&J Chief Executive William Weldon. Ms. McCoy brings more research experience to the position than her predecessor, having started her career in 1982 as an associate scientist and serving in several senior research-and-development positions in J&J's personal-products division.
Factors that were considered in the decision include "track records of driving performance in different businesses, developing talent, and making decisions that reflect our company values," Mr. Weldon wrote in an email sent via a spokesman.
The company declined to make Ms. McCoy available for comment. Ms. McCoy wasn't named to the additional post of J&J vice chairman, a title Ms. Poon also holds.
