Merck CEO Kenneth Frazier Stepping Down

One prominent pharmaceutical company is about to swap out its CEO. Merck (NYSE: MRK) announced Thursday that its current leader, Kenneth Frazier, is retiring from his post, effective June 30. It did not provide any reason for his departure. He will be replaced by the company's present CFO, Robert Davis, who will also be given a seat on the board of directors.

Meanwhile, Frazier will continue to hold the position of executive chairman of the board for a "transition period." The length of this period will be decided by the board.

The company doesn't exactly change its leadership often; Frazier has occupied the CEO throne since 2011. He joined the company in 1992 as a general counsel.

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Source Fool.com