08 Feb. 2011
WILMINGTON, N.C., (February 8, 2011) - PPD, Inc. (Nasdaq: PPDI) today announced that David L. Grange plans to retire as chief executive officer of PPD and a member of its board of directors. Grange joined PPD's board in 2003 and served with distinction as an independent director until mid-2009 when he became chief executive officer. Grange's retirement will be effective May 18, 2011, the date of the company's annual shareholder meeting.
"I joined PPD as its chief executive officer in July 2009 to bolster the executive management team alongside Fred in his new role as executive chairman and to assist the company in responding to what was a very challenging business environment," said David Grange, PPD's chief executive officer. "2009 proved to be a difficult year for PPD, but we advanced our strategic and financial objectives over the course of 2010. With the completion of the spin-off of compound partnering and the many accomplishments and progress we made in 2010, I feel my commitment to the board is now fulfilled."
Fred Eshelman, executive chairman of PPD, added, "Under Dave's leadership, the company was able to address the difficult challenges we encountered in 2009. He and our executive team made steady progress in 2010 and have set the foundation for future growth for PPD and its shareholders. We are grateful for Dave's years of service and his contributions to PPD during a time of significant challenge and change, and we wish him the best in his retirement."
The board of directors has started the succession planning process and will promptly initiate a search internally and externally for a successor. Grange will assist in the transition of his duties during the remainder of his tenure as chief executive officer and will continue to provide assistance to the company on transition and other matters under a consulting agreement for the balance of 2011. After his retirement and until a new CEO is in place, his duties will be handled by Dr. Eshelman and other members of PPD's management team.