Read this release hot of the press from the New York Times:
May 5, 2005
Merck Announces Resignation of Chief and Names Replacement
By THE ASSOCIATED PRESS
NEW YORK – Merck & Co. said Thursday that Raymond V. Gilmartin is stepping down effective immediately from the top leadership spots at the drugmaker which has been under pressure since recalling its blockbuster painkiller Vioxx last fall.
Merck named Richard T. Clark as chief executive officer, president and a director in Gilmartin’s place. Gilmartin is also stepping down as chairman although no successor was named.
Clark is currently the president of Merck’s manufacturing division and previously served as the chairman and chief executive officer of Medco Health Solutions Inc.
Gilmartin, who has served as president and CEO since 1994, will serve as special adviser to the board’s executive committee until March 2006, when he will retire.