PPD‘s (NYSE:PPDI) new CEO brings the clinical research organization a long track record in healthcare and life sciences consulting.
Raymond Hill comes to Wilmington, North Carolina-based PPD from research and consulting firm IMS Health, where he has worked for the past eight years. His appointment as PPD CEO and member of the CRO’s board of directors became effective Sept. 16, PPD announced today. Hill joins PPD at a crucial time. The company has reportedly been in talks with private equity firms interested in acquiring the CRO. Last month, The Carlyle Group emerged as the leading bidder to acquire PPD, the CRO industry’s third-largest company with $1.4 billion in 2010 revenue.
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Hill succeeds former PPD CEO David Grange, who disclosed his retirement plans last February. Grange stepped down from PPD in May. He became CEO in 2009, when he took over from former CEO and founder Fred Eshelman, who took on a new role as executive chairman of the company. Grange will continue to advise PPD through a consulting agreement for the rest of 2011.
Hill’s most recent post at IMS Health was president of IMS Consulting Group, where he oversaw “a strategy of aggressive organic and acquisition-based growth.” Before working for IMS Health, Hill was senior vice president for Acumen Sciences Limited. He also held several leadership positions at management consulting firm A.T. Kearney, including posts overseeing the firm’s pharmaceuticals and healthcare practices. He first started working in life sciences at another consulting firm, Booz Allen & Hamilton, where he worked for six years.
Hill holds a bachelor’s degree in natural resources from Cornell University and a master’s degree in engineering management from Duke University.