Kenneth Frazier will retire from his role as Merck's CEO June 30 after 10 years in the position, the drugmaker announced Feb. 4.
The board of directors unanimously voted for Robert Davis, Merck's current executive vice president of global services and CFO, to take over as CEO immediately following Mr. Frazier's retirement.
Mr. Davis will become Merck's president April 1, at which time the company's human health, animal health, manufacturing and research laboratories divisions will begin reporting to him. He will also become a member of Merck's board once he takes over as CEO July 1.
Mr. Frazier will continue to serve as the executive chairman of Merck’s board of directors for a transition period that has not yet been determined by the board.
"The board and I are delighted that Rob will serve as Merck’s next CEO,” Mr. Frazier said in a news release. "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."
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