PPD names Hill CEO
CRO PPD, which has been the subject of takeover speculation since July, has named Raymond Hill its new chief executive officer, filling a position that was vacant since mid-May, according to a PharmaTimes report.
Hill comes to PPD from IMS Health, where he spent eight years and was most recently president of IMS Consulting Group. Hill oversaw a strategy of “aggressive organic and acquisition-based growth,” said PPD, helping to push up annual revenues five-fold over seven years and transform IMS from its data and market-research roots into a leader in pharmaceutical consulting.
PPD’s previous CEO, David Grange, retired May 18 after holding the post since mid-2009. Since then, Fred Eshelman has been filling in at the helm as executive chairman.
In July, PPD launched a review of its strategic planning and capital structure to see whether more value could be unlocked for shareholders. Eshelman insisted at the time that the company was “not engaged in any discussions around a combination with other clinical research providers.”
However, that did not rule out private equity interests, and in mid-August reports circulated that Carlyle Group was in talks, with the possibility of enlisting other private equity firms in a bid for PPD. Speculation about Carlyle and PPD has cooled somewhat in recent weeks, though.
Before joining IMS Health, Hill was senior vice president for Acumen Sciences. He previously held a number of positions during an eight-year stint at A T Kearney, including global head of the pharmaceuticals and health care practice.
“With more than 20 years of experience in the life sciences arena, Ray brings keen strategic acumen as a proven leader who has grown global client services businesses in the pharmaceutical industry,” Eshelman said.