Merck’s board of directors have rescinded a company policy that requires the CEO of the pharmaceutical giant to retire at age 65.
Simultaneously, the company announced CEO Kenneth C. Frazier, who turns 65 in December, has agreed to remain at the helm of the company beyond that time.
“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 Merck board member Leslie A. Brun, in a prepared statement “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.”
Merck, based in Kenilworth, N.J., has a large research and manufacturing campus in West Point, Montgomery County.
Frazier, a North Philadelphia native and son of a janitor, has served as chairman and CEO at Merck since 2011. He first joined the company in 1992 and held a variety of leadership roles including general counsel before becoming its chief executive.
Local employees
| Rank | Prior Rank | Name / Prior (*new or not ranked) / URL |
|---|---|---|
1 | 2 | Holy Redeemer HomeCare & Hospice |
2 | 4 | Mercy Home Health |
3 | 5 | MARSCare |
