Pacific Biosciences has named Michael Hunkapiller the company's new president and CEO, replacing Hugh Martin, who will remain on the board of directors through the company's next annual shareholders' meeting.

Hunkapiller has served on PacBio's board since 2005 and was named executive chairman in October.

Bill Ericson, PacBio's lead independent board member, said in a statement that Hunkapiller would help "lead the company through its next stage of growth."

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