MARKHAM RESIGNS FROM MERCK & CO

Merck & Co president and chief operating officer Richard Markham, perceived as heir apparent to the chairman, Roy Vagelos, has resigned from the company for personal reasons. A company spokesperson said the resignation was not requested, but noted that Mr Markham did not wish to disclose the reasons for the move.

Mr Markham was named president last December and had a 20-year career at the company. It was noted that since he took office, the company's share price fell from the high 40s to the mid-30s; with several Wall Street investment houses lowering their earnings projections for the company this month. Goldman Sachs analysts have reduced their 1994 estimates to $2.60 per share from $2.65. The company's profits in 1992 totalled $1.98 billion or $2.12 per share on revenues of $9.66 billion.

It has been decided that an immediate replacement for Mr Markham will not be sought. It is possible that the company could wait unit November 1994, which is the date fixed for the retirement of Dr Vagelos, before finding a replacement. Executives that reported directly to Mr Markham will now report to Dr Vagelos.