Merck said that its Chief Executive Officer Kenneth Frazier will remain in his role following the Board of Directors’ decision to rescind its policy subjecting the company’s Chief Executive Officer to mandatory retirement at age 65.
The drugmaker said Kenneth Frazier, has also agreed to remain in his position beyond December 2019, when he turns 65.
“CEO succession has been our top priority, and removing the mandatory retirement policy enables the Board to make the best decision concerning the timing of that transition,” said Leslie A. Brun, lead director, speaking on behalf of Merck’s Board of Directors. “Ken’s unwavering dedication over the years to Merck’s mission of delivering innovative medicines and vaccines has helped drive value for shareholders and patients. We look forward to Ken’s continuing leadership and the impact it will have.”