City of Hope, the Duarte, Calif.-based center for treatment and research for life-threatening diseases, has announced President Robert Stone will replace retiring CEO Dr. Michael Friedman, according to a news release.
Stone will assume a dual role of president and CEO and will take over at the end of the year.
Friedman is a former acting FDA commissioner. City of Hope officials credited him with overseeing a decade that saw a period of “remarkable growth” for the organization. Friedman joined the organization in 2003, while Stone joined the group in 1996 as associate general counsel and was named president last year. Their ages weren't provided.
“Having been instrumental in strategically positioning City of Hope as a scientific and medical institution of national renown, Robert has the experience and the vision to advance our commitment to science in the service of health, build on the incredibly strong foundation already in place, and direct City of Hope toward further growth amid the dramatic changes in healthcare,” Sheri Biller, City of Hope's board chair
, said in the release.
In the interim, Stone and Freidman will work together to ensure a smooth transition.
Friedman earned a base salary of $717,890, according to the group's Internal Revenue Service filings
for the fiscal year ended Sept. 30, 2011, with $716,258 in benefits. Stone earned $443,820 as a base salary and $298,174 in benefits over the same period.