WYGOD RESIGNS LEAVING MERCK LEADERSHIP OPEN

Martin Wygod has resigned from his position with US drug company Merck & Co. Mr Wygod appeared to be destined for the top position at Merck after it bought out his drug distribution company Medco Containment Services (Marketletters passim). Mr Wygod has spent the last four months in charge of Medco and Merck's prescription drug business in North America, and it was assumed that he would take over as chairman of Merck when Roy Vagelos retires in November.

Mr Wygod is understood to have made it clear that he did not wish to take up the chairmanship back in April, the day before the company's annual meeting. Dr Vagelos is said to have been disappointed by the decision, as he had been hopeful that Mr Wygod would make his career with the company.

Mr Wygod, who wishes to continue to use his entrepreneurial skills, is leaving Merck to head up Synetic, a plastics manufacturer for pharmaceutical products. His departure has opened the flood gates to speculation on whether Merck will appoint an insider to head the company or whether it will look elsewhere.