PPD CEO Raymond Hill has quit the firm after serving for just three months.
The news comes just days after investment firms the Carlyle Group and Hellman & Friedman completed their $3.9bn takeover of the firm – a decision first announced on October 3rd.
Hired on an annual salary of $575,000, Hill will also receive 30,000 RSUs (restricted stock units) and 150,000 stock options.
Though the company has declined to comment on the former IMS Consulting Group president’s exact pay-off, with share prices at $33.25 it is estimated he stands to receive a ‘golden parachute’ payment of around $5m.
In a statement, Hill said: “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.”
Meanwhile the hunt for a new CEO is on, leaving a team of execs to run the company’s daily operations, with PPD chairman and founder Fred Eshelman as adviser to the board and management team.
BioStorage Technologies has drafted Thomas Newman onto its board of directors.
Newman recently served as president of PharmaNet Development Group, where he was responsible for worldwide operations.
"We are pleased to have an industry expert of Dr. Newman's caliber as a member of our board and are certain that he will provide significant contributions to the shared vision for BioStorage Technologies' growth and market expansion next year and beyond," said Gregory Swanberg, CEO of BioStorage Technologies.
NeoStem has two new members of the board Martyn Greenacre, and Andrew Pecora.
Pecora – who is also currently chief medical officer for the New York, US-based contract manufacturer –is co-founder and former chairman and CEO for PCT, now a NeoStem company.
Greenacre was most recently chairman of BMP Sunstone Corporation, acquired by Sanofi-Aventis in February 2011.
Robin Smith, chairman and CEO of NeoStem, said of the new appointments: “These two board members will be key to advancing our portfolio both in the industry and in the clinic.”
Jia-Hwa Fang has joined SRI's biosciences division as director of clinical manufacturing.
He will take the helm of the team for R&D, good laboratory practice (GLP), and pilot formulations for early stage clinical trial materials in SRI’s clinical manufacturing facility, ensuring compliance with good manufacturing practices (GMP).
Fang joins business from Impax Laboratories, where he was a consultant.
Healthcare advertising agency AbelsonTaylor has appointed Bill Force as senior copywriter, and Brian Gilbert as senior accountant.
Force joins the team from Chicago-based firm Upshot, where he was senior copywriter, handling both business and consumer work for companies ranging from Omron heart monitors to Disney.
Gilbert most recently worked for mid-sized law firm Boundas Skarzynski Walsh and Black – also in Chicago – where he handled financial management.