With lawsuits mounting over its recalled painkiller Vioxx, troubled drug company Merck on Thursday replaced CEO and Chairman Raymond V. Gilmartin with manufacturing operations head Richard T. Clark. Merck's board chose to name Clark president and chief executive and to go without a chairman for up to two years. The company passed those duties on to a three-member executive committee. Corporate management experts said they had not previously heard of such a triumvirate arrangement.
May 06, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The other shoe finally dropped at drugmaker Merck & Co.
With lawsuits mounting, revenues, profit and stock price all down sharply since it recalled its blockbuster painkiller Vioxx, and its top drug losing patent protection, New Jersey-based Merck on Thursday replaced longtime CEO and chairman Raymond V. Gilmartin.
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