Investing.com -- Gilead Sciences Inc (NASDAQ:GILD) announced a host of changes to its executive management structure on Tuesday, including the appointment of Kevin Young as the company's Chief Operating Officer, welcoming back the longtime executive to its senior leadership team after a two-year departure.
Young, 57, spent more than 10 years with the California-based drug maker from September, 2004 through February, 2014, before spending the last two years as a senior advisor to the company. Previously, Young headed the company's U.S. inflammations division and spearheaded Gilead's re-launch of its rheumatoid arthritis drug Enbrel upon the completion of its acquisition of Immunex. In his new role, Young will assume responsibility for the company's worldwide commercial organization, and facilities and operations, Gilead Sciences said in a statement.
“I am delighted to welcome Kevin back to Gilead in a full-time capacity. His contributions during his previous tenure, particularly his management of the introduction of eight novel therapies across diverse geographies, made a tremendous impact on the company. I have equally valued his continued engagement and significant contributions as an advisor to Gilead over the past two years,” said Dr. John F. Milligan, President and Chief Executive Officer, Gilead Sciences. "Kevin’s knowledge of Gilead’s business, all aspects of commercial operations and our therapeutic areas of focus, his commitment to operational excellence, and his leadership capabilities make him an obvious choice for the role of Chief Operating Officer."
Separately, Gilead announced on Tuesday that Dr. Martin Silverstein has been appointed as the company's Executive Vice President, Strategy and that Paul Carter, Executive Vice President, Commercial Operations will step down from his position to pursue other opportunities. Silverstein, who previously served as Chief Strategy Officer at Anthem, will oversee Gilead's corporate development, commercial planning and alliance management functions, Gilead said.
“I’m very pleased to welcome Marty to the Gilead team,” Milligan added. “His vast expertise in the healthcare sector, across biopharmaceuticals, pharmacy benefit management, health insurance and healthcare delivery, will be of great value to Gilead as we see the complexity of our business increase around the world."
Gilead shares inched up 0.22 or 0.26% to 86.44 in after-hours trading. In the regular session, Gilead closed at 86.22, up 2.89 or 3.47%.