Merck & Co promotes Frazier as president, makes other key appointments gearing up to succession plan
In what appears to be the first part of a succession plan for the top management of Merck & Co, the US drugs giant announced changes in responsibilities for three of its leaders. Richard Clark, currently chairman, chief executive and president, will continue leading the company as chairman and CEO. Kenneth Frazier, currently president of the company's Global Human Health worldwide sales and marketing division, was elected company president by the Merck board of directors, reporting to Mr Clark.
Merck's mandatory retirement age is 65 for the chief executive position, and the company has begun planning for his successor, said Mr Clark, who reaches that retirement age next spring, in a telephone interview with the Bloomberg news service.
Adam Schechter, who currently leads the company's pharmaceutical business in the USA, was elected to succeed Mr Frazier as president of Global Human Health. The board also elected Mr Schechter, 45, as president of the company's Global Human Health division. He currently leads the unit's US market.
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