WILMINGTON, N.C. — Fred Davenport Jr., president of pharmaceutical firm PPD, is stepping down, the company said Monday after the markets closed.

Davenport has been president of PPD since 2002. His resignation takes effect on Dec. 31.

“In his termination notice to the company, Davenport expressed his intention to pursue other professional and personal goals while he is still young and energetic enough to do such,” PPD said in a statement

Davenport, who worked at PPD for 10 years, will not be replaced. The company said his duties would be allocated to other executive team members. He had served as general counsel and executive vice president before becoming president.

PPD (Nasdaq: PPDI) also disclosed quarterly earnings Monday, reporting a profit of 31 cents a share on revenues of $313 million.

PPD: www.ppdi.com