Gilead Sciences hires Roche executive Daniel O'Day as CEO

(Reuters) - Drugmaker Gilead Sciences Inc named Roche Holding AG executive Daniel O'Day as its new chief executive officer, the companies said on Monday.

Gilead said its board had appointed Gregg Alton as interim Chief Executive for the period of January 1, 2019 until O'Day's start date of March 1, 2019.

The news of O'Day's hiring comes about four months after Gilead said in July that it's Chief Executive John Milligan and Chairman John Martin would step down at the end of the year.

Gilead said on Monday that Martin would step down from the company's board of directors, effective March 1, 2019.

Up to Friday's close, the company's shares have fallen nearly 14 percent since Milligan and Martin's departures were announced by Gilead in July.

The Wall street Journal first reported O'Day's hiring earlier on Sunday.

(Reporting by Liana Baker in New York; Additional reporting by Ismail Shakil and Philip George in Bengaluru; Editing by Peter Cooney and Sunil Nair)