Laboratory Corporation of America Holdings announced John Ratliff, the current CEO of Covance, will become the new CEO of LabCorp Diagnostics.

Paul Kirchgraber, head of Covance clinical testing solutions, will take over as CEO of Covance, the company said in a press release Thursday.

Both of the division CEO roles will take effect Nov. 1 when David King retires from his position as CEO of LabCorp and Adam Schlechter takes over his position, as announced earlier this year. King will continue his work with LabCorp as executive chairman of the board of directors.

“John and Paul are exceptional leaders who will continue working to fully realize the power of our unique capabilities in diagnostics and drug development,” said King in the press release. “Under Adam’s leadership and with their support, LabCorp is well-positioned to grow and thrive in the years ahead, as we pursue our noble mission to improve health and improve lives.”

Ratliff joined LabCorp as CEO of Covance in 2016 and has more than 30 years experience in operations, finance, and technology. Similarly, Kirchgraber has been working in the contract research organization industry for 16 years, 12 of those at Covance.

LabCorp is a global life sciences company that provides clinical laboratory and drug development services. Covance is the drug development business of LabCorp.

The company’s stock was trading at $163.27 per share on Thursday, down $1.17.