Merck board elects new ceo
Effective from 1 January 2011
Merck’s board of directors has elected Kenneth Frazier, currently the pharmaceutical firm’s president, as chief executive and president, as well as a member of the board, effective from 1 January 2011.
Frazier will succeed Richard Clark, who has been Merck’s ceo since 2005 and will continue as chairman.
The firm said the announcement is the result of a long-term succession planning process.
‘Ken has made considerable contributions to our business every step of the way during his 18 years with Merck,’ said Clark. ‘His intellect, drive and deep understanding of our industry will greatly benefit Merck.’
Since his appointment as Merck’s president in April, Frazier has focused on improving the effectiveness of the company’s three largest divisions – pharmaceutical and vaccine sales and marketing, research and development, manufacturing and supply – and their post-merger integration, the firm said. Under his leadership, Merck has driven the growth of key products, expanded its global reach, launched new products, and advanced a robust late-stage r&d pipeline.
Frazier said: ‘I consider it a privilege to serve Merck in this capacity, and I am honoured and excited about the opportunity.’
Prior to being appointed president, Frazier was executive vice president and president, Global Human Health, from 2007 to 2010. He joined Merck in 1992 as vice president, general counsel and secretary of the Astra Merck Group.
As chairman, Clark will lead the board, provide advice to Frazier and oversee the planned formation of Merck’s joint venture in animal health with sanofi-aventis.
Clark led the US$49bn merger between Merck and Schering-Plough in 2009. From 2008 to 2009, he was chairman of the Pharmaceutical Research and Manufacturers of America (PhRMA). He became ceo of Merck in 2005, setting the company’s strategic direction and overseeing the launch of drugs such as Isentress (raltegravir), Gaedasil (human papillomavirus quadrivalent) and Januvia (sitagliptin).
Prior to becoming president and ceo, Clark was president of the Merck Manufacturing Division.
Clark joined Merck in 1972 as a quality control inspector and progressed through a series of increasingly responsible roles in the areas of production, new products planning, industrial engineering and management engineering, becoming vice president, Materials Management and Management Engineering in 1991.
In 1993, Clark was appointed vice president, Procurement and Materials Management. He became vice president of North American Operations for the Merck Manufacturing Division in 1994 and senior vice president in 1996. In 1997, he was appointed senior vice president of Quality and Commercial Affairs. Later that year, Clark joined the Merck-Medco Managed Care subsidiary as executive vice president and chief operating officer. He later served as chairman, president and chief executive of the newly named Medco Health Solutions. He returned to the Merck Manufacturing Division as president in June 2003.