Merck & Co. said on Thursday that Kenneth Frazier, its president and CEO, will step down as CEO at the end of June.
Drug maker Kenilworth, NJ, said Robert Davis, the current executive vice president of global services and chief financial officer, will succeed Mr Frazier as CEO from July 1.
“It has been a distinct honor and privilege to serve this great company as CEO for the past decade,” Mr Frazier said in the company’s earnings call on Thursday.
Under Mr. Frazier, Merck became a leader in the emerging field of cancer immunotherapy and in the development of Keytruda, now one of Merck’s best-selling.
Keytruda, which treats lung cancer and other cancers, totaled global sales of more than $ 14 billion last year.