Johnson & JohnsonThe company’s current chief executive officer and chief financial officers for its consumer portfolio announced Wednesday that they will be leading the business as it becomes a publicly traded entity in 2023.

Thibaut Montgon, currently the leader in the consumer business’s health, will take over as CEO. Paul Ruh, however, will still be chief financial officer. Mongon has served as J&J’s consumer health leader since 2019, and Ruh has served as CFO since 2017.

Executive Chair Alex Gorsky said J&J conducted an external executive search, but decided that Mongon and Ruh were best equipped to lead the standalone company.

J&J announced in November that it would sheer off the consumer health business from its faster-growing medical devices and pharmaceutical portfolios.

Consumer health products include common household items and prescription medicines like Tylenol and Band-Aid.

Consumer health sales grew 4.1% to $14.6 billion in 2021, while J&J’s pharmaceutical sales grew 14.3% to $52 billion and medical devices sales grew nearly 18% to $27 billion last year.

Due to shortages in ingredients and packaging materials, especially for skin care and beauty products, sales of consumer health fell 1.5% to $3.59 Billion during the first quarter. However, J&J CFO Joe Wolk said demand was strong for over-the-counter medicine such as Tylenol and Motrin.

In recent years, the consumer health company was subject to tens or thousands of lawsuits alleging that its talc baby product contained asbestos-carcinogenic material. J&J created a subsidiary that was placed in bankruptcy to resolve the claims. Although the company is no longer selling baby powder on the North American markets in 2020, it still makes the product elsewhere in the world.