Bristol Myers Squibb (BMS) is restructuring its leadership team as its CEO Giovanni Caforio announced he will be retiring later this year after 23 years at the company.

BMS announced Wednesday that Christopher Boener — who’s currently BMS’ EVP and chief commercialization officer — will succeed Caforio come November. Until then, Boener has been appointed EVP and chief operating officer.

Adam Lenkowsky, who’s currently SVP, head of major markets, will take Boener’s current spot as chief commercialization officer.

Caforio said in a statement that Boener “is the right person to guide BMS through its next chapter,” adding that his “expertise has been integral to our commercial success during his tenure at BMS.”

“His strategic focus and passion for science, coupled with his commitment to patients make him uniquely suited for the role,” Caforio continued. “I am confident that the team will capitalize on our significant growth opportunities under Chris’ leadership.”

Boener held his chief commercialization officer role at BMS since 2018, but served as head of international markets at BMS before that. He was also head of U.S. commercial markets before that.

Prior to joining BMS, Boener worked at SeagenGenentech as well as McKinsey & Company.

“Today, we are poised to bring the next wave of innovative medicines to market, and my confidence is that our future is stronger than ever,” Boener said in a statement.

BMS announced the leadership moves just as it released its first quarter earnings for 2023, including $11.3 billion in revenues.

In a statement, Caforio noted “our strong execution resulted in double-digit revenue growth for our in-line products and new product portfolio.”

The revenue number, however, marked a drop of 3% compared to the same period in 2022, which BMS attributed to “generic erosion” of its multiple myeloma treatment Revlimid. BMS has been embroiled in lawsuits over an alleged monopoly of the drug for years, as the drugmaker has sought to fight off generic competition.

Meanwhile, U.S. revenues rose by 4% to $8 billion, due to the performance of its stroke and blood clot prevention drug Eliquis and cancer drug Opdivo, BMS said. Recently, the company launched the latest video in its Search campaign, which seeks to explain how the combination of Opdivo and Yervoy treats advanced kidney cancer.