Merck CEO Raymond T. Gilmartin announced his resignation this morning. Gilmartin stepped aside to make way for Richard T. Clark, president of Merck's manufacturing division. Clark, 59, served as CEO of Medco Health Solutions from 2002 to 2003. The move was not unexpected. Observers had predicted the company's problems with Vioxx would eventually lead to an early exit for Gilmartin, who was scheduled to retire in 2006. Shares of Merck stock rose this morning as Wall Street reacted to the news.
- see this story from The New York Times
- see this press release from Merck