WILMINGTON, N.C. — Fred Eshelman, founder of Pharmaceutical Product Development, is now the executive chairman of the company in a change of command among the top ranks at the contract research organization.
Eshelman, who has donated millions of dollars to UNC-Chapel Hill where he earned a degree in pharmacy, is turning over the chief executive role to David Grange, a former U.S. Special Forces soldier and member of Delta Force.
As part of the management shakeup at the Wilmington-based company, long-time chairman Ernest Mario gives up that role to become the lead independent director. Mario has served as non-executive board chair since 1993.
Eshelman launched the company in 1985. He is the firm's largest shareholder with nearly 8 million shares of PPDI's stock.
The moves were announced by PPD (Nasdaq: PPDI) after the markets closed Tuesday. PPD recently missed Wall Street expectations by a penny in its quarterly earnings report. The entire CRO industry has suffered in recent months as the economy has slowed, numerous drug giant mergers have taken place, and several drug trials have been cancelled. PPD provides drug trial services for pharmaceutical firms with an emphasis on later-stage testing.
“General Grange brings a great combination of global geographical experience and knowledge, demonstrated leadership from his business and military careers, financial management experience and first-hand knowledge of PPD as a member of our board since 2003,” Eshelman said in a statement. “I look forward to working closely with General Grange and his executive management team to chart our course and execute our business plans to drive long-term shareholder value.”
PPD operates a major facility in Research Triangle Park with some 1,900 employees and has nearly 4,000 workers in its home state. It employs more than 10,000 people in 38 countries.
The changes take effect July 1.
“In his new position, Eshelman will continue to be responsible for providing strategic direction to the company and overseeing the implementation of the company’s strategic and business plans, including the company’s compound partnering business,” PPD said in a statement. “Working closely with Grange, he will also focus on key initiatives, strategic outsourcing plans and core aspects of the company’s operations.”
UNC-CH named its pharmacy school after Eshelamn last year.
Grange, a retired brigadier general, has spent the last 10 years at the McCormick Foundation where he has served as CEO since 2005. The foundation is one of the nation’s largest with more than $1 billion in assets.
Grange spent 30 years in the U.S. Army with stints in the Green Berets and the secretive Delta Force. He also served as commander of the First Infantry Division.
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