PRINCETON, N.J. — Bristol-Myers Squibb CEO Giovanni Caforio is set to retire, with chief commercialization officer Christopher Boerner taking over the position on November 1. Caforio, who has been at the helm since 2015, will continue in his role as executive chairman. Under his leadership, the company cemented its status as a leading cancer treatment provider, most notably through the $74 billion acquisition of Celgene in 2019.

Caforio’s successor, Christopher Boerner, joined Bristol-Myers in 2015 and has held the role of chief commercialization officer since 2018. He has overseen the company’s commercial and medical units and managed key franchises.

The change in leadership comes as Bristol-Myers prepares to lose patent protection on major products like Opdivo and blood thinner Eliquis. The company anticipates new drugs to generate at least $25 billion in sales by 2030.