Gilead Sciences names new chief executive officer

Gilead Sciences has announced the appointment of John Milligan as the company's new chief executive officer (CEO).

Mr Milligan, the current president and chief operating officer of Gilead, will be promoted to CEO on March 10th 2016, at which time he will also be appointed to its board of directors. He has been with the organisation since 1990.

Current chairman and CEO John Martin will step into the role of executive chairman to coincide with this move, allowing him to continue to influence the company's strategy and future direction.

The new CEO has been praised for his diverse management experience, having overseen multiple phases of growth and expansion into new therapeutic areas and geographies during his time with Gilead.

Dr John Cogan, Gilead's lead independent director, said: "John Martin has led Gilead as CEO for the past 20 years and, under his stewardship, the company has developed and delivered therapeutic advancements to millions of people around the world."

The announcement comes ahead of the publication of the firm's 2015 financial results, which is scheduled to occur this week.