Merck's Frazier to Retire as CEO at End of June

By Colin Kellaher

Merck & Co. Thursday said Kenneth Frazier, its chairman and chief executive, will retire as CEO at the end of June.

The Kenilworth, N.J., drug maker said Robert Davis, currently executive vice president of global services and chief financial officer, will succeed Mr. Frazier as CEO, effective July 1.

Merck said Mr. Davis, who joined as chief financial officer in 2014, will become president on April 1, at which time the company's four operating divisions will begin reporting to him.

Merck said Mr. Frazier, who joined the company in 1992, will remain as executive chairman for a transition period to be determined by the board. Mr. Frazier has been Merck's CEO since January 2011 and chairman since December 2011.

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Corrections & Amplifications

This was corrected at 7:50 a.m. ET because the original incorrectly stated that Kenneth Frazier will retire as chief executive at the end of July in the headline. He will retire at the end of June.

(END) Dow Jones Newswires

02-04-21 0716ET