Published January 29, 2016 8:15am EST | Updated January 29, 2016 11:06am EST

Gilead Says Milligan Will Replace Current CEO John Martin, Who Will Become Exec Chairman

Gilead Sciences Inc.'s said Friday in pre-market trade that chairman and 20-year chief executive officer John Martin will become the company's executive chairman, effective March 10. He will be replaced by president and chief operating officer John Milligan, who will become CEO and join the company's board of directors. The biopharmaceutical company's stock was down 2.5% in light pre-market trade.