PPD CEO Resigns
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.