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Kenneth Frazier, chief executive officer of Merck pharmaceutical company, is stepping down from his post. It was announced that he will be leaving his post in June, and Robert Davis, the current chief financial officer, is set to take over.
Merck welcomes new CEO as Frazier leaves post
Frazier has been with Merck for 29 years years, and he is one of the few African Americans to lead a major firm included in Fortune 500 companies. With his retirement that was announced on Feb. 4, only three Black CEOs will remain.
“On behalf of the entire Merck board, I thank Ken for his strong and highly principled leadership and his commitment to the company’s core values of scientific excellence, business integrity, patient focus and respect for all people,” Les Brun, Merck's lead independent director, said via press release. “Ken’s vision and courage to make difficult changes within Merck, while steadfastly investing in research and development, have positioned Merck well for sustainable future growth.”
Starting July 1, Robert Davis will be Merck’s new chief, and he said that his appointment is such a great honor. He joined the company as the CFO in 2014. Frazier stated that the company’s board and himself are delighted to have Davis as the next CEO. The outgoing chief described his successor as someone with “deep knowledge of our company and industry who was also a highly capable finance leader.”
Frazier’s future plans
The retiring chief has been leading the company since 2011, although he first joined Merck in 1992. At that time, he worked in the public affairs division as general counsel, and in 1999, he was named senior general counsel.
Fox Business reported that the 66-year-old Kenneth Frazier, 66, will continue to be part of Merck’s board as executive chairman once he steps down from his post. He will be staying for the duration of the transition period.
He was originally set to retire in 2019, but Merck discarded its policy that says CEOs must leave at the age of 65. The son of a janitor worked his way to the top and led the pharmaceutical firm to greater success when he took over 10 years ago.
In any case, Frazier revealed that once he leaves Merck, he plans to do public service but explained that this doesn’t mean he will run for government office. CNBC noted He did not say what exactly he will do but admitted that he has been receiving a lot of offers. He also co-chairs an initiative called OneTen, which strives to help create jobs and opportunities for Black Americans.
“I care very much about issues of equity and justice, particularly around education,” he said. “The thing I care most about is opportunity.”
