Merck, which has been struggling from the recall of its Vioxx drug, has elected Richard T. Clark as the company’s new president, CEO, and Board member.
Clark is replacing Raymond Gilmartin as he steps down.
Clark is the president of Merck’s manufacturing division currently, and used to be chairman and CEO of Medco Health Solutions.
Merck’s Board also announced that former Honeywell International chairman and CEO, Lawrence A. Bossidy, will serve as chairperson of the Board’s newly structured Executive Committee. This committee will work closely with Clark as he begins his new job.
“Dick Clark is an exceptional leader and strategist,” says Bossidy. This has been demonstrated throughout his career at Merck and, in particular, during his tenure as CEO of Medco Health. Dick’s broad experience, track record, values, and personal attributes make him an ideal candidate to lead Merck into the future. Dick has consistently shown that he can lead necessary change at Merck while remaining true to the Company’s core values.”
According to a press release, the committee is expected to be in place for one to two years. Raymond V. Gilmartin is stepping down as chairman, president and CEO and as a director of the Company and will serve as Special Advisor to the Executive Committee. The Board has not named a new chairman of the Board.
“The Board engaged in a thorough and wide-ranging search,” Bossidy continued. “We looked at internal candidates and external candidates, including those with experience beyond the pharmaceutical industry, to find the very best candidate – one who could lead change at Merck to meet the dynamic challenges and demands of the health care environment. The more we looked, the more convinced we became that the ideal candidate would be familiar and experienced with the industry and Merck. We have found that candidate in Dick Clark.”
“I am honored to be selected as the CEO and president of Merck,” said Clark. “I know first-hand that this is a great company, with a long and distinguished record of discovering and developing important medical breakthroughs. Along with Merck’s experienced and talented senior management team, I look forward to leading the change that is necessary to continue Merck’s success into the future. As CEO, my priorities are clear – meeting the needs of patients and building shareholder value.”
Gilmartin will serve as an adviser to the executive committee until March.
Chris is a staff writer for murdok. Visit murdok for the latest ebusiness news.
