Signage is displayed exterior of Johnson & Johnson headquarters in New Brunswick, New Jersey, Aug. 1, 2020.

Mark Kauzlarich | Bloomberg | Getty Images

Johnson & Johnson on Wednesday introduced that the present head and the chief monetary officer of its shopper well being portfolio will lead the enterprise when it spins off right into a separate publicly traded firm in 2023.

Thibaut Mongon, the present chief of the patron well being enterprise, will grow to be CEO of the standalone firm, and Paul Ruh will stay in his present function of chief monetary officer. Mongon has served as J&J’s shopper well being chief since 2019, and Ruh has served as CFO since 2017.

Executive Chair Alex Gorsky mentioned J&J performed an exterior government search, however determined that Mongon and Ruh have been greatest outfitted to guide the standalone firm.

J&J introduced in November that it will sheer off the patron well being enterprise from its faster-growing medical gadgets and pharmaceutical portfolios.

The shopper well being enterprise makes widespread family merchandise and over-the-counter medicines equivalent to Tylenol, Band-Aid, Listerine, Neutrogena and Aveena skincare, and Johnson’s child merchandise.

Consumer well being gross sales grew 4.1% to $14.6 billion in 2021, whereas J&J’s pharmaceutical gross sales grew 14.3% to $52 billion and medical gadgets gross sales grew practically 18% to $27 billion final 12 months.

In the primary quarter of this 12 months, shopper well being gross sales declined 1.5% to $3.59 billion as in contrast with the identical interval in 2021, attributable to provide constraints on components and packaging supplies notably for its pores and skin well being and wonder merchandise. However, J&J CFO Joe Wolk mentioned demand was robust for over-the-counter drugs equivalent to Tylenol and Motrin.

The shopper well being enterprise confronted tens of 1000’s of lawsuits in recent times that alleged its talc child powder contained cancer-causing asbestos. J&J created a subsidiary that was positioned in chapter to resolve the claims. The firm stopped promoting the infant powder within the North American market in 2020, however nonetheless sells its elsewhere on the planet.

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