Richard T. Clark Elected Chairman of Merck & Co., Inc.Samuel O. Thier Samuel O. Thier (born 1937) is professor of Medicine and Health Care Policy at Harvard University. He previously served as the president of Brandeis University from 1991-94 and the president of the Massachusetts General Hospital from 1994-97. , M.D., Named Lead Director of Board WHITEHOUSE STATION, N.J. -- The Board of Directors of Merck & Co., Inc. has elected President and Chief Executive Officer Richard T. Clark as chairman of the board effective April 24, 2007, the date of the Merck Annual Meeting of Stockholders. Mr. Clark, 60, has been president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Merck since May 2005. The Board also appointed Samuel O. Thier, M.D., as lead director. The Board's Executive Committee, currently consisting of Lawrence A. Bossidy and Dr. Thier, has functioned collectively in the role typically played by a chairman of the board since May 2005. Working closely with the Board and Mr. Clark, the committee, which until April 2006 also included William G. Bowen William G. Bowen is a senior research associate at The Andrew W. Mellon Foundation where he served as President from 1988 to 2006. He was the president of Princeton University from 1972 to 1988. , has supported Mr. Clark as he transitioned to his new role as CEO and president and in his development of the Company's new strategic plan. Mr. Bossidy, the former chairman and CEO of Honeywell International, Inc. and a Merck director since 1992, is retiring from the Board in April pursuant to the Board's policy of director retirement at age 72. "I am delighted by the selection of Dick Clark as the new chairman of Merck," Mr. Bossidy said. "Dick has proven to be an outstanding business leader who has provided the strategic thinking and execution skill necessary for the Company to regain its momentum and industry stature. The early results of the plan that Dick and his leadership team have put in place are clear evidence that he's the ideal choice to lead Merck into the future. The Board recognizes that Dick deserves a great deal of the credit for Merck's excellent performance to date." "Larry Bossidy's business experience and leadership have been invaluable assets to Merck and me," Mr. Clark said. "I am honored to be selected as chairman of the board and grateful for the Board's confidence in me. I am committed to working with this able and distinguished Board to continue to build shareholder value and to achieve the Company's mission." "Dick has the ability, experience and personal qualities to lead the Board as chairman at this juncture in its history," Dr. Thier said. "I am looking forward to my new role as lead director as the Board continues to focus on what is in the best interests of shareholders, patients and providers." In addition, Dr. Thier and Mr. Clark recognized the contributions of Mr. Bowen, a Merck director since 1986, who is also expected to retire from the Board at the April stockholders' meeting. "Larry and Bill are two outstanding directors who have dedicated themselves tirelessly to Merck during a period of great change and challenge," Mr. Clark said. "Management and shareholders alike have benefited greatly from their guidance and service. The Board greatly appreciates the dedication of these two longtime directors." Mr. Clark held a broad range of operating and strategic positions during his tenure with the Company. Prior to his election as CEO, he served as president of the Merck Manufacturing Division (MMD MMD Movement for Multiparty Democracy (Zambia) MMD Make My Day MMD Merchant Mariner Document MMD Myotonic Muscular Dystrophy MMD Myotonic Dystrophy MMD Mass Median Diameter MMD Metal Matrix Diaphragm ), where his supply strategy emphasized targeted investment of resources, faster new product introductions, and a customer-focused supply chain to create a sustainable competitive advantage for Merck. Prior to serving as president of MMD, Mr. Clark held high-level executive positions at Medco Health Solutions Medco Health Solutions, Inc. (NYSE: MHS) is a leading pharmacy benefit manager (PBM) company based in Franklin Lakes, New Jersey. The current chairman is David Snow. The company formed in August 2003 as a spinoff from Merck & Co.. , Inc., the pharmacy benefits management (PBM PBM - play by mail. See play by electronic mail. ) company. Mr. Clark was president of Medco Health from 2000 to June 2002, when he was named chairman and chief executive officer, a position he held until March 2003 prior to the spin-off of Medco Health. Dr. Thier is professor of medicine and professor of health care policy at Harvard Medical School Harvard Medical School (HMS) is one of the graduate schools of Harvard University. It is a prestigious American medical school located in the Longwood Medical Area of the Mission Hill neighborhood of Boston, Massachusetts. , based at Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world . A Merck director since 1994, Dr. Thier is director of the Charles River Laboratories, Inc., The Commonwealth Fund and the Federal Reserve Bank of Boston The Federal Reserve Bank of Boston is responsible for the First District of the Federal Reserve, which covers Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in Boston, Massachusetts. . About Merck Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck currently discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The Company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. For more information, visit www.merck.com. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Merck's business, particularly those mentioned in the cautionary statements in Item 1 of Merck's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2005, and in its periodic reports on Form 10-Q Form 10-Q See 10-Q. and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , which the Company incorporates by reference. |
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