Johnson & Johnson said Jennifer Taubert, the head of its $60 billion pharmaceuticals business, is retiring after more than two decades with the drugmaker.

J&J on Tuesday said Tom Cavanaugh will succeed Taubert as executive vice president and worldwide chairman of innovative medicine on Sept. 1.

J&J's innovative-medicine business, which includes such blockbuster drugs as Darzalex, Tremfya and Stelara, accounted for $31.8 billion of the New Brunswick, N.J., company's first-half sales of $49.4 billion.

Taubert, who joined J&J in 2005, has been in her current post and member of the company's executive committee since 2018.

Cavanaugh, who joined J&J in 2017, currently serves as group chairman, North America, for innovative medicine and will also succeed Taubert on the executive committee, J&J said.