As per reports, Merck & Co., Inc. (MRK) chairman and chief executive officer, Kenneth C. Frazier will retire as CEO, effective June 30, 2021, but will continue to serve on Merck’s board of directors as executive chairman, for a transition period yet to be determined by the board. The board of directors has unanimously elected Merck’s current executive vice president, global services, and chief financial officer, Robert M. Davis as the new chief executive officer and a member of the board, effective July 1, 2021.
Mr. Robert M. Davis will serve as president of Merck from April 1, 2021, during which the company’s operating divisions Animal Health, Human Health, Manufacturing, and Merck Research Laboratories will report to him.
“The board and I are delighted that Rob will serve as Merck’s next CEO,” Mr. Frazier stated “He has deep knowledge of our company and industry and has been a valued strategic thought partner to me and the Merck senior management team as well as a highly capable finance leader. Rob has been instrumental in helping Merck take the right actions to adapt to the changing healthcare environment while remaining committed to investing in the scientific innovation that we expect will drive our future growth. His intellect and proven ability to define and articulate strategies that can be translated into clear and focused operational plans that lead to successful execution are also critical attributes. Rob personifies the values and integrity that are essential for a leader of Merck. I am confident that he has the strategic and leadership skills necessary to ensure that the company remains fully committed to its core mission of translating cutting-edge science into products and services that save and improve lives while simultaneously adopting new business and operating models that will unlock future value through innovation, digital transformation, and efficiency.”
“It has been a privilege to serve as Merck’s CEO for the past decade and to work with the most dedicated and talented employees and management team in the industry,” , “As executive chairman, I look forward to collaborating with Rob and our board of directors to help Merck achieve even higher levels of success.” stated Mr. Frazier.
Mr. Frazier joined Merck in 1992 as vice president, general counsel, and secretary of the Astra Merck group, after which he served in various roles. He was elected president of Merck in May 2010. Mr. Frazier became Merck’s CEO and a member of its board in January 2011 and became chairman of the board on December 1, 2011.
Mr. Davis stated, “I am honored to be appointed the next chief executive officer of Merck. I thank the board and Ken for their confidence in me. I plan to continue Ken’s focus on innovation as we aspire to be the premier research-intensive biopharmaceutical company. This will be a year of great change both for the company and for our industry. As we work through the pandemic, we will continue to focus on the important work of bringing our medicines and vaccines to those who need them. Merck will not waiver in its role of searching for and developing medically necessary products to improve people’s lives throughout the world.”
Mr. Davis joined Merck as CFO in 2014, after two years his role was expanded to include the company’s global support functions such as investor relations, corporate business development, information technology, procurement, and real estate operations.
Merck & Co., Inc. (MRK) is a global healthcare solutions provider that has been working towards bringing forward medicine and vaccines for some of the world’s most challenging diseases for more than a century. They are committed to increasing health care access and continue to be at the leading edge of research. Merck has the industry’s largest immuno-oncology clinical research program. To learn more about Merck (MRK) and to track its ongoing progress please visit the Vista Partners Merck Coverage Page.
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