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(Reuters) - Merck & Co Inc said on Thursday Ken Frazier, one of only a handful of Black executives leading major U.S. companies, will step down as chief executive officer at the end of June and be replaced by Chief Financial Officer Robert Davis.
Frazier, 66, will remain with the drugmaker as executive chairman for a transition period. He had been due to retire in 2019, but the company scrapped a policy requiring its CEO to retire at age 65.
Frazier was one of only five Black CEOs on last year’s Fortune 500 list of America’s largest companies, released in June 2020.