Merck & Co in the USA now has a new 10-member management committee, and three executives are departing the company. This is start of changes to the company being made by its new president and chief executive Raymond Gilmartin, marking the end of the leadership of Roy Vagelos who retires in November.
Jerry Jackson, responsible for operations outside the USA, is to go at the end of the current year, and Frank Spiegel, who is responsible for strategic planning under Dr Vagelos, will retire at the end of October. Both are serving as consultants until retirement. Richard Lane, who is responsible for human health marketing in the USA, is also understood to be leaving the company.
US analyst David Saks of Gruntal & Co was impressed with Mr Gilmartin's speed in making his mark on the company, and noted that the speed and nature of the changes are very positive. However, he did note that what remains to be seen is what the company's performance will be three-to-five years from now.
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