Gilead Sciences to hire Roche executive O’Day as new CEO: source

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FILE PHOTO: Roche Pharmaceuticals CEO Daniel O’Day attends a news conference in Basel, Switzerland February 1, 2017. REUTERS/Ruben Sprich/File Photo

(Reuters) – Drugmaker Gilead Sciences Inc will name Roche Holding AG executive Daniel O’Day as its new chief executive officer, according to a source familiar with the matter.

The announcement of O’Day’s hiring could come as early as Monday, the source said.

It is not clear when O’Day, currently the CEO of Roche Pharmaceuticals, will start at Gilead.

The news of O’Day’s hiring comes about four months after Gilead said in July that it’s Chief Executive John Milligan and Chairman John Martin would step down at the end of the year.

Martin, who preceded Milligan as Gilead CEO, said he planned to leave the board when a new CEO joins the company.

Up to Friday’s close, the company’s shares have fallen nearly 14 percent since Milligan and Martin’s departures were announced by Gilead in July.

The Wall street Journal first reported O’Day’s hiring earlier in the day.

Reporting by Liana Baker in New York; Additional reporting by Ismail Shakil and Philip George in Bengaluru; Editing by Peter Cooney and Sunil Nair

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