Merck‘s board of directors has changed its policy that its CEO must retire at age 65, the company announced Tuesday.
The Kenilworth-based pharmaceutical giant also announced that CEO Kenneth C. Frazier has agreed to remain in his role beyond December 2019, when he turns 65.
“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,” Leslie A. Brun, lead director, speaking on behalf of Merck’s board of directors, said.
“Ken’s unwavering dedication over the years to Merck’s mission of delivering innovative medicines and vaccines has helped drive value for shareholders and patients. We look forward to Ken’s continuing leadership and the impact it will have.”