Merck CEO Kenneth Frazier will remain at the helm of the pharmaceutical company after its board of directors rescinded a policy that required the chief executive to retire at the age of 65, according to The Wall Street Journal.
The mandatory retirement policy would have required Mr. Frazier to step down in December 2019, which is when he will turn 65. Now, with the policy scrapped, he plans to stay as CEO beyond that date.
"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," the lead board director Leslie Brun told the WSJ.
Mr. Frazier, who started at Merck in 1992, was appointed CEO and chairman in 2011.