Gilmartin steps down as Merck chief executive

Raymond Gilmartin has stepped down as chief executive of Merck, effective immediately, the company announced this morning in a conference call with investors.
The company's board of directors has elected Merck manufacturing division president Richard Clark to replace Gilmartin.
Clark, 59, began his career at Merck in 1972 as a quality control inspector.
He progressed through a series of increasingly responsible roles in the areas of production, new products planning, and strategic planning, becoming senior vice president, North American operations, in 1996.
Clark has held high-level executive positions at Medco Health Solutions, the pharmacy benefits management (PBM) company where he served as president from 2000 to June 2002, when he was named chairman and chief executive officer. Clark remained in that position until March 2003.
Gilmartin, who served as president and chief executive since 1994 will remain with Merck as a special advisor until March 2006, when he is scheduled to retire.
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