Merck & Co., Inc. (MRK) announced this afternoon that the co.’s President Kenneth Frazier will succeed Richard Clark as the U.S. drugmaker’s chief executive officer.
“Ken is a proven executive who has played a key role in shaping Merck’s business strategy”, said in a statement William Harrison, Merck’s lead director. “With his understanding of the global health-care environment, the board is confident in Ken’s ability to take the helm at Merck and guide the continued implementation of our long-term strategy.”
Dick Clark, who was appointed CEO in 2005, will reach Merck’s mandatory retirement age next year. He will continue as chairman of the board.
Merck shares lost 4 cents to $34.64 at 1:38 p.m. ET in New York Stock Exchange composite trading.