Peter will be fully responsible for the executive management of the Company reporting directly to the Board of Directors. Craig Rennie will continue as Chairman of the Board of Penn Pharmaceuticals Group Limited (PPGL) and Chairman of the Board of Penn Pharmaceuticals Services Limited (PPSL). Craig Rennie, Chairman of Penn, said: "This appointment recognises the significant contribution that Peter has already made to the management of the company since June this year. We have seen strong growth across all sectors of our business this year and will continue to build on this success, in particular demand for early stage pharmaceutical development services, in the future. Peter’s appointment as Chief Executive will allow me to concentrate on the future strategic development of the business." Commenting on his appointment, Peter George said: "I am delighted to be appointed as Chief Executive Officer at Penn. The company continues to go from strength to strength. We have seen 16% growth on last year’s sales and a 21% improvement in operating profit. I hope to further develop Penn’s strong track record in securing overseas business and to strengthen our global reputation for Qualified Person (QP) consultancy, whilst focussing on growing all seven of Penn’s service offerings." Penn Pharmaceutical Services Ltd is a leading provider of outsourced pharmaceutical development services to the international healthcare industry. The company’s core business expertise includes a fully comprehensive product development service, which consists of formulation and analytical development, clinical trial manufacturing, packaging and supply management and extensive contract manufacturing. Penn also offers CMC Consultancy and Qualified Person (QP) Services. Peter George has over 10 years experience working at Senior Executive Board level across a wide range of sectors including healthcare, pharmaceutical and life sciences, healthcare publishing, business intelligence and investment banking. Holding senior positions in the NHS in his early career, Peter then moved to Unilabs (UCP) where he worked as Chief Operating Officer and was instrumental in doubling the turnover of the business, making the company the largest independent provider of central laboratory services to the pharmaceutical industry. Most recently, Peter was Executive Vice President, Europe and Asia Pacific for the Pharma Division of Wolters Kluwer Health.