Gov. Phil Murphy on Monday announced a significant leadership transition for the New Jersey CEO Council, naming Joaquin Duato, chairman and CEO of Johnson & Johnson (J&J), as the council’s new chair. Duato succeeds Hans Vestberg, former chairman and CEO of Verizon, and will lead the council as it prepares to collaborate with Governor-Elect Mikie Sherrill’s incoming administration.
The announcement was made at the most recent CEO council meeting, where Murphy thanked the coalition of business leaders for their partnership and commitment to strengthening the state’s economy over the past five years. The council is an advisory committee, stewarded by Choose New Jersey, composed of leaders from 13 of the state’s most prominent companies, which collectively employ more than 100,000 New Jersey residents.
“The CEO Council has exemplified the power of partnership between the public and private sectors,” Murphy said. “Under Hans Vestberg’s leadership, and that of Charles Lowrey and Ken Frazier before him, the council has helped drive progress on shared priorities that make New Jersey a better place to live, work, and do business.”
Created in 2020 to support communities disproportionately affected by the pandemic, the CEO Council has grown into a pivotal force for driving inclusive economic growth, innovation, and workforce development.
Key Contributions of the CEO Council:
Workforce Development: The Council seed-funded the New Jersey Pay It Forward Program, which has disbursed over $7 million in student loans and financial assistance to individuals enrolled in 11 training programs across the state. The model has since gained national recognition for its innovative approach to financing education.
Innovation and Supply Chain: It provided vital start-up capital for the Rutgers Procurement Center of Excellence, which helps strengthen supply chain access for New Jersey-based businesses, with a focus on businesses that are women-, veteran-, or minority-owned.
Duato steps into the role with J&J’s deep roots in the state, dating back to its founding in New Brunswick in 1886.
“Johnson & Johnson has been a proud New Jersey company… and I’m excited to follow Hans in leading this extraordinary group of executives,” Duato said. “New Jersey’s business community is united in its commitment to advancing innovation, opportunity, and growth across the state. I look forward to collaborating with Governor-Elect Sherrill and her administration.”
The Council’s commitment to continuity was emphasized by Vestberg, who noted the necessity of public-private teamwork. “We have shown how businesses and government must work together to strengthen communities and build a more inclusive economy,” he said.
The final meeting under Murphy’s leadership also welcomed Governor-Elect Sherrill, setting the stage for the council’s continued work into the next administration. Wes Mathews, president & CEO of Choose New Jersey, expressed confidence that the collaboration would strengthen New Jersey’s economy under Duato’s guidance.
The next meeting of the CEO Council is scheduled for early 2026 under Governor Sherrill’s administration.
