). In a note to clients, Goldman writes, "PPD reported FY4Q10 EPS of $0.39 (adjusted for one-timers) versus our/consensus estimates at $0.40/$0.38. Importantly, revenue of $358 million came in above our/consensus expectations of $351/$354 million – an encouraging sign given recent industry backlog conversion concerns. While the quarter was solid overall and 2011 EPS guidance was reiterated at $1.53 - $1.69, earnings came with the announcement that CEO David Grange will be stepping down in May 2011. The announcement of the transition comes after the successful execution of a number of key strategic initiatives (e.g., spinoff of compound partnering) and a return to stabilization in bookings. Also, Mr Grange will remain a consultant to PPD for the remainder of 2011 per a company agreement, and given the timeline and the depth of the company's management bench, we do not regard his departure as a negative for the company or shares of PPD." Shares of PPDI gained $1.31 yesterday to close at $29.50, a gain of 4.65%.