Management tracks: Merck clears path for Frazier to remain CEO

The board of Merck & Co. Inc. (NYSE:MRK) rescinded a 28-year-old policy that required CEOs to retire at age 65. CEO Kenneth Frazier, who turns 65 in December 2019, has agreed to stay in his role beyond his 65th birthday. Striking the policy will let the board make the best decisions around CEO succession timing, Merck said. A spokesperson told BioCentury other major U.S. corporations generally do not restrict CEO tenure based on age, and the policy change will bring the company closer to those standards.

None of Merck's other management positions are subject to mandatory retirement policies, the spokesperson added...