[Asia Economy Reporter Kwon Jae-hee] Kenneth Frazier, CEO of the major U.S. pharmaceutical company Merck, will retire at the end of June.
According to the Wall Street Journal (WSJ) on the 4th (local time), Frazier will step down as Merck CEO at the end of June. Robert Davis, the Chief Financial Officer (CFO), has been appointed as his successor. It is expected that Frazier will remain as chairman and continue to be involved in management for a while until Davis settles into the position.
The company stated that the CEO change is intended to reduce dependence on some drugs, including Merck's bestseller cancer immunotherapy Keytruda, and to strengthen new drug development.
CEO Frazier expressed, "It has been a clear honor and privilege to serve as CEO of this great company for the past decade."
During Frazier's leadership as CEO, Merck broke away from the shadow of Germany's Merck and established itself as a leading U.S. pharmaceutical major. After World War II, the U.S. Merck separated from Germany's Merck, and under Frazier's leadership, it made a leap forward by producing global bestsellers such as the cancer immunotherapy Keytruda. Keytruda generated over $14 billion in sales worldwide last year.
Meanwhile, Frazier graduated from Harvard Law School and worked as a lawyer at the law firm Drinker Biddle & Reath before joining Merck in 1992. He led Merck as CEO for about 10 years starting in 2011. Frazier is one of the few Black CEOs among S&P 500 companies, with only four Black CEOs, including Frazier, currently counted among S&P 500 firms.
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