WILMINGTON, N.C. – Raymond Hill, a veteran life sciences executive, is the new chief executive officer at PPD(Nasdaq: PPDI).

Hill joined the company as off Sept. 16.

He also was named to the PDD board.

David Grange retired as CEO in May after two years at that post.

The appointment was announced before the markets opened Monday.

PPD stock took an immediate 8.4 percent hit at the open, declining $2.40 to $26.14 but some recovered some of the loss. Stocks were off in general. 

“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,” said Fred Eshelman, executive chairman of PPD and the company’s founder. “His consistent track record of business success and disciplined approach to operational and financial performance make him well suited for our CEO role.”

Eshelman had served as interim CEO following Grange’s departure.

Hill served as president of IMS Consulting Group and worked the past eight years at IMS Health, a provider of various services to the life sciences industry. Earlier in his career he worked with A.T. Kearney Ltd. And Booz Allen & Hamilton. He is a graduate of Cornell University and earned a master’s degree at Duke.

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