Today, PPD’s CEO David Grange announced that he will retire on May 18, the date of the company’s annual shareholder meeting.

“I joined PPD as its chief executive officer in July 2009 to bolster the executive management team alongside Fred (Eshelman) in his new role as executive chairman and to assist the company in responding to what was a very challenging business environment,” Grange said in a press release.

“2009 proved to be a difficult year for PPD, but we advanced our strategic and financial objectives over the course of 2010. With the completion of the spin-off of compound partnering and the many accomplishments and progress we made in 2010, I feel my commitment to the board is now fulfilled.”

After 18 months leading the company, Grange will help it in this transition under a consulting agreement for the rest of the year. After Grange’s retirement and until a new CEO is in place, his duties will be handled by Eshelman and other members of PPD’s management team.

PPD’s board of directors has begun the succession planning process and will launch an internal and external search for Grange’s successor.