PPD CEO resigns after three months on job; Walks away with $3 million golden parachute
WILMINGTON, NC (WWAY) — Just weeks after going private PPD is looking for a new CEO.
Raymond Hill resigned effective yesterday. He came to the Wilmington-based pharmaceutical research firm in September.
“I have enjoyed my time here and am grateful to have had the opportunity to assist Dr. Eshelman and the senior leadership team with such an important milestone in the life of this great company,” Hill said in a statement. “I am certain PPD is positioned for future success.”
A PPD spokesman says the search for a new CEO is underway, and the company hopes to have the person in place in the near future. In the meantime, an executive committee of four members of senior leadership will be in charge of day-to-day management and operations.
Founder Fred Eshelman has also agreed to serve as senior advisor to the new board of directors through next year.
The Wilmington StarNews reports that in a regulatory filing in October, PPD said that Hill would receive $3.065 million as part of golden parachute payments to top executives and board members if the deal with Carlyle and Hellman & Friedman was consummated.
More: continued here