Gilead taps Roche pharma exec as new CEO

Gilead Sciences has named Daniel O'Day, the chief of Roche's pharmaceuticals unit, as its new CEO, effective March 1.

Why it matters: Gilead is one of the largest and most profitable drug manufacturers on the planet, known for its hepatitis C and HIV medicines. O'Day will lead a company that has had falling sales of its hepatitis drugs and is investing more in new, expensive gene therapies.