WILMINGTON, N.C., May 17, PPD, Inc. (Nasdaq: PPDI) today announced that its board of directors declared a cash dividend for the second quarter of 2007 under its annual cash dividend policy. The quarterly cash dividend will equal $0.03 per share. The record date for the second quarter dividend is June 14, 2007, and the payment date is June 28, 2007. The annual cash dividend policy and the payment of future quarterly cash dividends under that policy are subject to the continuing determination by the board of directors that the policy remains in the best interests of the company's shareholders and in compliance with applicable laws and agreements.
WILMINGTON, N.C., May 17PPD, Inc. (Nasdaq: PPDI) today announced it has named William J. Sharbaugh as its new chief operating officer. Mr. Sharbaugh will assume his responsibilities with PPD effective May 31.
Mr. Sharbaugh comes to PPD from Bristol-Myers Squibb, where he most recently served as vice president, global development operations, responsible for strategic direction for clinical operations located in 55 countries. In this position, he provided operational leadership for global clinical operations, data management, patient recruitment and retention, contracting and outsourcing management, clinical supply operations, training and quality management. Prior to Mr. Sharbaugh's six-year tenure at Bristol-Myers Squibb, he spent 10 years at Merck & Co. in a variety of assignments in clinical supply operations, sales and manufacturing.
Mr. Sharbaugh holds a master's in the management of technology from the University of Pennsylvania Wharton Business School and School of Engineering, a master's in regulatory affairs and quality assurance from Temple University School of Pharmacy and a master's in international relations from Boston University School of Arts and Sciences. He also graduated from the U.S. Military Academy at West Point with a bachelor's in engineering and subsequently held various leadership positions in a Patriot missile battalion.
'Bill Sharbaugh brings extensive leadership experience and skills as well as a vision that complements and aligns well with the strategic direction we have charted for PPD,' said Fred Eshelman, chief executive officer of PPD. 'We are pleased to welcome him to our organization and look forward to his leadership and contributions to our growing business.'
WILMINGTON, N.C., April 30,PPD, Inc. (Nasdaq: PPDINasdaq Drug Stocks) today announced Linda Baddour, chief financial and accounting officer, is resigning her employment effective May 31, 2007. Ms. Baddour will provide consulting services to the company for the next six months to assist with the transition of her responsibilities to other members of senior management. The company has initiated a search for a new CFO.
As part of the transition, PPD announced the promotions of Peter Wilkinson to vice president of finance and chief accounting officer and Brian Tuttle to vice president of finance and corporate controller.
Mr. Wilkinson joined PPD as executive director of finance and internal auditor in 2003. In this role, Mr. Wilkinson has served an integral role in the company's implementation of the requirements of the Sarbanes-Oxley Act and compliance with the U.S. Securities and Exchange Commission requirements and Generally Accepted Accounting Principles (GAAP). Mr. Wilkinson has also assisted in structuring the financial aspects of various company transactions, including the company's recent compound partnering collaborations. In addition, Mr. Wilkinson reports to the finance and audit committee of the board of directors of PPD regarding internal audit matters. Prior to joining PPD, Mr. Wilkinson served as a senior manager with Deloitte & Touche LLP for 10 years, two of which were spent in Deloitte's Zurich, Switzerland, office serving international clients. Mr. Wilkinson is a certified public accountant.
Mr. Tuttle has served as corporate controller since 1999, having joined PPD as corporate tax manager in 1998. He coordinates external audits of financial statements and is responsible for management of various company and financial functions, including disbursement services, tax matters, financial systems, treasury and the travel department. In addition, he negotiates the annual indirect rate agreements on all federally funded contracts. Before coming to PPD, Mr. Tuttle worked eight years with Coopers & Lybrand LLP, including three years as the tax manager on PPD's account. He is a certified public accountant and holds master's degrees in accounting and business administration from the University of North Carolina at Chapel Hill.
'We extend our appreciation to Ms. Baddour for her service to PPD throughout the last 11 years,' said Fred Eshelman, chief executive officer of PPD. 'We also congratulate Mr. Wilkinson and Mr. Tuttle, who have demonstrated leadership and acumen through their significant contributions to our financial and business operations. We look forward to continuing to work with them in advancing the growth and performance of PPD.
'In addition,' Dr. Eshelman continued, 'I'd like to take this opportunity to say that we are pleased with the progress of our ongoing chief operating officer search, and hope to be in a position to make an announcement on that front soon.'
PPD is a leading global contract research organization providing discovery, development and post-approval services as well as compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 28 countries and more than 9,400 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information, visit our Web site at http://www.ppdi.com.
