Former IMS Health Exec Pockets $3m

Raymond Hill has stepped down from his role as CEO of contract drug research organization PPD Inc with a $3.065m payment, just three months after leaving his previous position at pharma market research giant IMS Health.

PPD (Pharmaceutical Product Development), which provides drug discovery, development and lifecycle management services, hired Hill in September, before the firm was acquired by private equity firms Carlyle Group and Hellman & Friedman for approximately $3.9 billion. Talks regarding the takeover had commenced in August.

Before joining, Hill spent eight years at IMS Health, latterly as President of the firm's Consulting Group. During his tenure with the company, he oversaw a strategy of aggressive organic and acquisition-based growth resulting in annual revenue increasing five-fold.

Prior to IMS, Hill was Global Head of A.T. Kearney's Pharmaceuticals and Health Care Practice and founded the Health Care Future Forces Leadership Roundtable, a group of senior healthcare execs focused on assessing the impact of major changes on the healthcare sector. He earlier served as a Senior Associate at Booz Allen Hamilton.

On joining PPD, Executive Chairman Fred Eshelman said that Hill's 'consistent track record of business success' made him well suited for the role of CEO.

Hill resigned from that role on Monday, following the firm's transition to a private company. In a regulatory filing published in October, PPD confirmed that Hill would receive $3.065m once the deal with Carlyle and Hellman & Friedman closed.

Web site: www.ppdi.com .