Kenneth C. Frazier Elected President of Merck & Co., Inc.
Adam H. Schechter Elected President of Global Human Health
Richard T. Clark Continues as Chairman and CEO
WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)-- Merck & Co., Inc. (NYSE: MRK) today announced changes in responsibilities for three of its top leaders. Richard T. Clark, currently chairman, CEO and president, will continue leading the company as chairman and CEO. Kenneth C. Frazier, currently president of the company's Global Human Health worldwide sales and marketing division, was elected company president by the Merck Board of Directors, reporting to Mr. Clark. Adam H. Schechter, who currently leads the company's pharmaceutical business in the United States, was elected to succeed Mr. Frazier as president of Global Human Health.
As company president, Mr. Frazier will lead Merck's three largest worldwide divisions responsible for pharmaceutical and vaccine sales and marketing, research and development, and manufacturing and supply. He will ensure the effective collaboration among these global and interdependent divisions, which is critical to the success of the November 2009 merger of Merck and Schering-Plough and the company's long-term performance. In addition to Mr. Schechter, also reporting to Mr. Frazier will be Willie A. Deese, president of Merck Manufacturing Division and Peter S. Kim, president of Merck Research Laboratories.
"Ken is a proven leader with deep knowledge about our company and the industry who has real passion for Merck's role in saving and improving lives through scientific innovation," said Mr. Clark. "Merck's board and I have the utmost confidence in Ken's ability to help navigate Merck during a time of unprecedented change and enormous opportunity in the global health care industry."
Mr. Frazier played a key role in the company's merger with Schering-Plough, and led the implementation of important improvements in the efficiency and effectiveness of the company's worldwide sales and marketing organization. As president of Global Human Health since 2007, Mr. Frazier helped design and implement a ground-breaking commercial sales model in the United States and in key markets in Europe, Latin America and Asia Pacific, while maintaining solid sales momentum during merger integration, dramatically improving the division's cost structure, and redeploying resources into key emerging markets to take advantage of future growth opportunities.
"We remain committed to our strategy for achieving sustainable performance and are focused on becoming the best health care company in the world," added Mr. Clark. "To that end, leadership development and succession planning are among my top priorities. Today's announcement is a logical next step for Ken and demonstrates the confidence the Merck board and I have in him."
"I am honored to be asked to help our chairman and CEO position Merck for success in the future," said Mr. Frazier. "Under Dick Clark's leadership, the new Merck has gotten off to a strong start, and I am grateful for the opportunity to work with Dick and my senior management colleagues to help ensure that we continue to meet the needs of patients and build shareholder value."
Since joining Merck in 1992, Mr. Frazier has held a number of key leadership positions, including serving as the company's general counsel from 1999 through 2007, first as senior vice president and then as executive vice president. In that role, Mr. Frazier was responsible for overseeing the company's legal and public affairs functions and The Merck Company Foundation.
Mr. Frazier serves on the boards of Exxon Mobil Corporation and The Pennsylvania State University and is a member of the Council on Foreign Relations. Mr. Frazier, 55, earned a B.A. in political science from Penn State in 1975 and a J.D. from Harvard Law School in 1978.
The board also elected Adam H. Schechter, 45, as president of the company's Global Human Health division. He currently leads the unit's U.S. market.
"Adam's talent and experience make him the ideal choice to lead our worldwide sales and marketing business for pharmaceutical medicines and vaccines," said Mr. Clark. "He knows the business from the ground up and has a strong record of performance, most recently leading our overall merger integration, and also directing marketing and sales operations and global product franchises for our Global Human Health business. I know we can count on Adam to help Merck deliver against our ambitious goals."
Since joining Merck as a professional sales representative in 1988, Mr. Schechter has held a number of senior leadership positions including responsibility for Merck's global pharmaceutical franchises and general manager of the Merck/Schering-Plough cholesterol joint venture. He earned a B.A. in biology from LaSalle University in 1986.
Today's Merck is a global health care leader working to help the world be well. Merck is known as MSD outside the United States and Canada. Through our prescription medicines, vaccines, biologic therapies, and consumer care and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to health care through far-reaching policies, programs and partnerships. Merck. Be well. For more information, visit www.merck.com.
This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the benefits of the merger between Merck and Schering-Plough, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Merck’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that the expected synergies from the merger of Merck and Schering-Plough will not be realized, or will not be realized within the expected time period, the impact of pharmaceutical industry regulation and health care legislation; the risk that the businesses will not be integrated successfully; disruption from the merger making it more difficult to maintain business and operational relationships; Merck’s ability to accurately predict future market conditions; dependence on the effectiveness of Merck’s patents and other protections for innovative products; the risk of new and changing regulation and health policies in the U.S. and internationally and the exposure to litigation and/or regulatory actions.
Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck’s 2009 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).
David Caouette, 908-423-3461
Alex Kelly, 908-423-5185
KEYWORDS: United States North America New Jersey
INDUSTRY KEYWORDS: Health Pharmaceutical Other Health