William C. Weldon, who has headed Johnson & Johnson for more than a decade—and spent his career working at the company—has announced that he will retire as chief executive in April, during the company’s annual meeting, but will remain as chairman. Alex Gorsky, head of J&J’s medical device and diagnostics business, will take over as chief executive.

Plans for Weldon’s exit emerged in December 2010, when the company promoted Gorsky and Sheri S. McCoy to vice chairman and vice chairwoman of the executive committee in what was seen as a race to succeed Weldon.

Gorsky first joined Johnson & Johnson as a sales representative in 1988, and so continues the company’s 126-year tradition of hiring leaders from within.