PPD CEO resigns after three months on job; Walks away with $3 million golden parachute
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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.

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And people protesting Wall Street get spit upon and pepper sprayed for bringing
this sort of corporate pay out to light???? Local citizens critize local protesters as well...as so many comments have been posted here at WWAY in the past......

Accordingly, unless you're a former shareholder who feels that you didn't receive enough for your shares, the payout is absolutely none of your business.

His performance in maximizing shareholder return EARNED him that money.

And this, people, is what is wrong with our society today. He resigns after 3 months and gets $3 million. Yet, so many people who had jobs that they needed for food, housing, electricity, are let go to save the company and shareholders' money. It's a sick reality. And the kicker, these CEOs believe they were worth it. So flippant..."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," REALLY? How can one do that in 3 months?

If I had a job for 3 months, 3 years, or 3 decades and resigned for WHATEVER reason, I wouldn't even get unemployment, no matter WHAT I contributed to the company over that time.

"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." Somebody was sure looking out for him. Promised this in October when hired a month earlier? Wouldn't it be nice to have friends in high places like that!

Most likely, he will move on to the next golden parachute, and the next, while the rest of us watch...and search every day for jobs that aren't out there that will take care of our families in the most modest ways.

The entire theme of your post is "I can't get this kind of money, so why should he!?"

The other person who replied to your post was spot on, so I'll just ask a question: Why don't you tell us how Hill being paid money that he certainly earned through his work on closing the buyout, impacts YOU in any way, shape, or form?

Just go get your own job as CEO and negotiate your terms like he did. Otherwise...sit down and shut up, this is still America. Obama hasn't completely ruined it...yet.

I do not belong to either major political party and the main reason is that it doesn't look like either one of them have a monopoly on greed and corruption. I feel they are both equally responsible for the mess this country is in.

So he earned $1,000,000 dollars a month! Not a bad gig at all. I'll take over and only charge 1/2 as much.

Call me.

This action is indicative of what's fundamentally wrong with America. There is no shame!! This man basically said thanks for the cash for THREE MONTHS!!! These golden parachutes, and greed at the top of these multi-million dollar cooperations is exactly what has hurt America. There should be a tax law to tax 50% of all golden parachute deals...

1. Hill was instrumental in negotiating a deal that paid PPD shareholders top dollar for their investment.

2. CH&F is picking up the tab.

Please don't tell me that WWAY is now jumping on the "wealth envy bandwagon."

if you read some other media items on this topic, he was recruited in part to lead PPD on its independant path. His hiring caused the prospective buyers to up the ante for the Company now rather than down the road when his successful management might have caused an even higher price for the buy-out.

He earned his keep and can now go seek new employment.

rate of return for 3 months.