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Merck board scraps mandatory CEO retirement age; Frazier to remain in post

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Kenneth Frazier, CEO, Merck.
Kenneth Frazier, CEO, Merck. - ()

Merck’s board of directors has rescinded its policy that the company’s chief executive officer must retire at 65, allowing current CEO Kenneth Frazier to remain in his position beyond December 2019, when he will turn that age, the drugmaker said Wednesday.

“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,” said Leslie Brun, lead director, in a prepared statement.

Speaking on behalf of the Merck board, Brun added, “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.”

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