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PPD CEO Resigns

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PPD’s new CEO Raymond Hill resigned Monday after only three months at his post and just a week after the company went private. 

PPD was sold to the Carlyle Group and Hellman and Friedman for $3.9 billion dollars.

Company Spokesperson Ned Glascock, who is a WHQR board member, says that PPD will begin its search for a new CEO in 2012. In the meantime, a four-person executive committee will run day-to-day operations, which officials say will not be affected by Hill’s resignation.

Next year, former CEO and founder Fred Eshelman will serve as a senior advisor. 

At its headquarters in Wilmington, PPD employs about 1,500 people.