Merck & Co CEO Frazier elected to replace Clark as chairman

US drugs giant Merck & Co (NYSE: MRK) says that, after nearly 40 years with the group, its chairman, Richard Clark, will retire from the company and the Merck board of directors effective December 1, and that Kenneth Frazier has been elected to replace him in this post.

Mr Clark led the company for five years as president and chief executive officer from 2005 through 2010. He has served as a Merck director since May 2005 and chairman of its board of directors since 2007. In January 2011, Mr Frazier became Merck's president and chief executive and a member of its board, positions he will retain.

Merck credits Mr Clark with leading its $41 billion acquisition of fellow US drug major Schering-Plough in November 2009. The deal expanded Merck's pipeline and gave it more biotechnology and consumer health products. It also made Merck the world’s second-largest pharmaceutical company in terms of revenue, behind Pfizer.