make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

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

READ MORE:
Ray_Hill.jpg

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.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

Reply

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.