Listen to this articleThe basics:
- Joaquin Duato succeeds Hans Vestberg as chair of New Jersey CEO Council
- Council advises governor on economic strategy, innovation and workforce development
- Member companies employ over 100,000 New Jersey residents
- Initiatives include NJ Pay It Forward Program and Rutgers Procurement Center
Gov. Phil Murphy announced that Johnson & Johnson Chairman and CEO Joaquin Duato will become the next chair of the New Jersey CEO Council. He succeeds Hans Vestberg, the former Verizon chairman and CEO.
Murphy’s Restart & Recovery Commission created the New Jersey CEO Council in 2020. It was established to support communities disproportionately affected by the pandemic. Now, it operates as an advisory committee under Choose New Jersey.
The coalition of leaders from 13 major employers meets regularly with the governor to discuss economic strategy, innovation, workforce development and inclusive growth. Collectively, member companies employ more than 100,000 New Jersey residents.
Murphy highlighted the Council’s impact over the past five years. He thanked members for their leadership, collaboration and commitment to strengthening the state’s economy.
“The CEO Council has exemplified the power of partnership between the public and private sectors,” said Murphy, who is serving his final two months in office before passing the baton to Gov.-elect Mikie Sherrill in January.
Obligation to lead
Vestberg stepped down from his role leading Verizon last month, with Dan Schulman succeeding him.
“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,” said Murphy. “I am deeply grateful to Hans for his dedication and am delighted that Joaquin Duato has agreed to serve as the Council’s next chair.
“His leadership and commitment to New Jersey’s future will be invaluable as the Council continues its important work in collaboration with Gov.-elect Mikie Sherrill and her administration.”
Since its establishment, the Council has helped launch initiatives that shaped New Jersey’s economic landscape, such as seed-funding the New Jersey Pay It Forward Program. That initiative has now provided more than $7 million in loans and financial assistance for residents enrolled in 11 workforce training programs. The program has also received national recognition for its equitable, innovative model.
The Council also provided initial capital for the Rutgers Procurement Center of Excellence. That move expanded supply chain access for businesses across the state, particularly those that are minority-, veteran-, or woman-owned.
Vestberg reflected on the Council’s mission. He said that large businesses have an obligation to help society move forward while solving big problems.
“Working together with the governor and my fellow CEO Council Members, we have expanded opportunity and prosperity within New Jersey and beyond,” said Vestberg. “We have shown how businesses and government must work together to strengthen communities and build a more inclusive economy.”
Passing the baton
Duato stressed Johnson & Johnson‘s long heritage and history here in the state. He described J&J as a proud New Jersey company since its founding in 1886.
“And I’m excited to follow Hans in leading this extraordinary group of executives as the Council continues its important work,” said Duato. “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 Gov.-elect Sherrill and her administration.”
New Jersey’s business community is united in its commitment to advancing innovation, opportunity, and growth across the state.
– Joaquin Duato, Johnson & Johnson chairman and CEO
During the recent and final Council meeting under Murphy’s leadership, the group welcomed Sherrill. She joined discussions on the transition as well as future opportunities to advance the Garden State’s competitiveness and economic vitality.
Choose New Jersey President and CEO Wes Mathews said the Council has been instrumental in deepening the partnership between business and government to expand opportunity and drive growth.
“We are proud to have supported Gov. Murphy, Chair Hans Vestberg, past chairs Charles Lowrey and Ken Frazier, and the CEO Council over the past five years – and I’m confident that under Joaquin Duato’s leadership, this collaboration will continue to strengthen New Jersey’s economy,” said Mathews, who will depart his role at the end of the year.
Choose New Jersey says the next CEO Council meeting is slated for early next year under the Sherrill administration.
Choose New Jersey Chief Strategy Officer Tim Crouch said, “We’re deeply grateful to Gov. Murphy and Hans Vestberg for their partnership and look forward to working with Joaquin Duato and the incoming administration to continue the Council’s central role in New Jersey’s economic growth.”
