Merck & Co. announced on Thursday its CEO Kenneth Frazier (pictured) decided to retire from his position at the end of June, though he will remain with the company as the Board of Directors' executive chairman.
Frazier will be succeeded by Robert Davis, a current executive vice-president and chief financial officer, who was elected unanimously to lead the New Jersey-based firm starting July 1.
"Rob has been instrumental in helping Merck take the right actions to adapt to the changing healthcare environment while remaining committed to investing in the scientific innovation that we expect will drive our future growth," Frazier said in a statement.
