Merck and Co. is scouting for a replacement for its CEO, Kenneth Frazier.
Sources close to the matter told Bloomberg that despite recently overturning a long-standing company rule stipulating that CEOs must retire at the age of 65, Frazier is laying the groundwork for his departure. Merck is reportedly starting its search by considering a pool of candidates from inside the company.
Frazier took the chief role at Merck in 2011 and has since become associated with the company’s success developing the breakthrough immuno-therapy, Keytruda, into a blockbuster franchise. Keytruda generated $7.17 billion in sales in 2018 alone.
Sources told Bloomberg that Frazier now hopes to build a leadership team at Merck with a strong scientific background that will focus on continued investment in cutting-edge drug development.