Merck Taps Frazier As Its Next CEO

Merck & Co.’s board of directors has elected Kenneth C. Frazier as the firm’s next CEO. Frazier, who will maintain his current title of president and also join the board, will succeed Richard T. Clark on Jan. 1, 2011. Frazier, a lawyer who joined the company in 1992, is credited with leading the company’s legal defense against claims that its painkiller Vioxx caused heart attacks and strokes. Since becoming president last May, Frazier has led the company’s pharmaceutical, manufacturing, and research divisions. Clark, who became CEO in 2005, spearheaded Merck’s $41 billion acquisition of Schering-Plough last year. He will remain chairman of Merck’s board.