Robert Davis took the helm as CEO of Merck in July 2021, following Kenneth Frazier’s retirement from the position. Now, the current leader of the Kenilworth-based pharmaceutical giant will step into another role vacated by Frazier.

Merck announced Oct. 26 its board of directors unanimously elected Davis to serve as chairman, effective Dec. 1, with Frazier set to retire from his executive chairman post Nov. 30.

Frazier began his career with Merck in 1992, leading the company for 10 years as president and CEO, from 2011 to 2021, and serving as chairman of the board of directors since December 2011. His planned departure was announced in February 2021. At that time, the company said Frazier would continue as executive chairman of the board for a “transition period to be determined by the board.”

Before his appointment to the chief executive post, Davis was named president of Merck in April 2021 and a member of its board in July of that year.

“For decades, Ken has embodied Merck’s core principles and values, anchored by a singular focus on creating meaningful value for our patients, employees, communities and shareholders,” Independent Lead Director Thomas Glocer said on behalf of the board in a statement. “Ken is a once-in-a-generation leader, and his positive impact on our company and patients everywhere will reverberate for decades.”

Of the incoming chairman, Glocer said that, “Davis has shown himself to be an innovative leader with a deep understanding of Merck and our industry. We look forward to working with him as our new chairman and to his continued contributions.”

The transition was announced the day before the company released its third quarter 2022 financial results, which included a 14% increase in worldwide sales to $15 billion amid “sustained strong business momentum across key growth drivers as well was investment and progress in the pipeline,” according to Merck. Bolstered by the results, Merck shares rose 0.72% to close at $98.41 on Oct. 26.

In a statement, Frazier said being a part of the Merck team was a pleasure and a privilege.

“Merck is powered by the talent, passion and commitment of many thousands of people around the world who are united by a common goal: harnessing the power of science to solve the world’s most pressing health challenges,” he said. “I will be forever grateful to my Merck colleagues for their dedicated efforts that have led to the company’s many important achievements.”

Frazier added that he was confident the board will continue to guide the company in a way for it to achieve success and pursue its mission with Davis and chairman.

Davis expressed gratitude to Frazier for his time at the helm of the company.

“On behalf of Merck management and our colleagues around the world, I want to express our deepest appreciation for Ken’s innumerable contributions and indelible impact on our company and global health,” said Davis. “During his tenure, Ken led with conviction, advocated for patients and created meaningful value for our stakeholders. He has been an exemplar of purpose-driven leadership, vision and courage. I am honored to lead Merck as chairman and chief executive officer as we continue to build on his profound legacy.”