Wilmington, N.C.-based PPD is promoting current CEO Fred Eshelman to the newly created position of executive chairman of the board of directors, effective July 1.

In this role, Eshelman will provide strategic direction to the company and oversee the implementation of the company’s strategic and business plans, including the company’s compound partnering business.

David Grange, a member of PPD’s board since 2003, will replace Eshelman as CEO, reporting to Eshelman. Previously, Grange served as president and CEO of the McCormick Foundation, a nonprofit devoted to advancing “the ideals of a free, democratic society by investing in our children, communities and country,” according to the organization's web site. Before joining the Foundation in 1999, Grange had a 30-year career in the U.S. Army and is a retired brigadier general.

"General Grange brings a great combination of global geographical experience and knowledge, demonstrated leadership from his business and military careers, financial management experience and first-hand knowledge of PPD as a member of our board since 2003," said Eshelman in a company statement.