WILMINGTON, NC (WECT) – Ray Hill, the CEO of PPD resigned from the company effective Tuesday, according to a memo sent to employees.
The email states the new board of directors will be made of representatives of The Carlyle Group and Hellman & Friedman, in addition to senior executives from the health care industry.
Hill also sent an email to employees saying he has enjoyed his time with the company and is "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."
The board of directors has formed an "Office of the Chairman" as an interim measure until a new CEO is hired. The board will oversee the governance of PPD during this transition period.
According to the memo, the new group consists of Karen Bechtel, managing director of The Carlyle Group; Allen Thorpe, managing director of Hellman & Friedman; and Bob Essner, former CEO of Wyeth Pharmaceuticals.
Additionally, the Office of the Chairman has also established an Executive Committee that will have responsibility for day-to-day management and operation of PPD along with the existing leadership team.
PPD shareholders recently approved a merger agreement with The Carlyle Group and affiliates of Hellman & Friedman. PPD will become a private company in the process.
PPD is a global contract research organization that provides drug discovery, development and lifecycle management services.
According to Elizabeth Kuronen, a spokesperson for PPD, both Carlyle and Hellman & Friedman are very familiar with PPD and their market. She said both firms are committed to bringing growth and lasting benefits to their employees, clients and other stakeholders.
PPD provides drug discovery and development services worldwide and has offices in more than 40 countries. The research company employs more than 11,000 professionals worldwide.
The board is expected to hire a new CEO in the near future.