LipoScience, which recently withdrew its bid for an IPO, has named former Glaxo executive Charles A. Sanders as non-executive chairman of the board for the company.

Having joined the board as a director in July, Sanders is the former chairman and chief executive officer of Glaxo and served on the company’s board in London. He’s also served as vice chairman of Squibb Corporation, director of Massachusetts General Hospital and professor of medicine at Harvard Medical School.

Sanders is past chairman of the New York Academy of Sciences and a current member of the Institute of Medicine of the National Academy of Sciences. In addition, he serves as chairman of Project HOPE and chairman of the Commonwealth Fund, as well as on the boards of several publicly traded companies, including Durham-based Trimeris.

The former chairman, Rich Franco, remains on the board at LipoScience. Franco relinquished his chairman role for personal reasons, according to spokesman Tim Williams.

“He elected to bring more balance to his life and put his personal and family affairs more on the front burner,” Williams explains.

LipoScience also announced that Ron Stanton, the interim CEO, is now the chief commercial officer, as well.

Williams says a new executive management committee has been established by the board to manage the day-to-day operations of the company until a new CEO is hired. Based in Raleigh, LipoScience employs close to 200 people.

The executive management committee is comprised of Stanton, Chief Scientific Officer James Otvos, Chief Financial Officer Lucy Martindale and Timothy Williams, general counsel for LipoScience.

In late October, LipoScience … after twice delaying its planned IPO because of sour market conditions … withdrew its initial public offering registration altogether.

But the medical diagnostics company says it continues to keep all prospects on the table.

“We continue to examine all of our options, including IPO,” states Williams.