PPD names Pfizer exec to be new CEO

Wilmington-based drug-research company PPD has named a Pfizer executive to be its new CEO and chairman.

David Simmons takes over as CEO June 4, the company announced Wednesday.

Simmons spent 15 years at Pfizer and was most recently president and general manager of the company's emerging markets and established products business units, which represent about $18.5 billion of Pfizer's annual revenue.

He has a degree in applied mathematics and industrial management from Carnegie-Mellon University.

"This is a remarkable opportunity to join and lead a world-class pharmaceutical services organization through its next phase of prosperity and expansion," Simmons said in a statement.

In December, PPD was acquired and taken private by two private equity firms, The Carlyle Group and Hellman & Friedman, for $3.9 billion.

A week after the acquisition the company's CEO, Raymond Hill, resigned. In recent months PPD has been led by a four-person executive committee consisting of the company's COO, CFO, chief medical officer and general counsel.

PPD is one of the world's largest contract research organizations, with more than 11,000 employees and $1.47 billion in revenue last year.

CROs help pharmaceutical and biotechnology companies research, test and market new medicines.

PPD has roughly 1,400 workers in the Triangle.