Raymond Gilmartin resigned as chairman, president and chief executive officer at Merck & Co., Whitehouse Station, N.J., and was immediately replaced as president and CEO by Richard Clark, president of the company's manufacturing division. Lawrence Bossidy, former chairman and CEO of Honeywell International and a current Merck board member, will serve as chairman of the board's newly structured executive committee, which is expected to be in place for up to two years, officials said. Gilmartin will stay on as special adviser to the executive committee until March 2006, when he will retire. Merck did not state a reason for the change. The company has been struggling to recover from the voluntary withdrawal of its blockbuster arthritis drug Vioxx last September. Clark, 59, was chairman and CEO of pharmacy benefit manager Medco Health Solutions prior to its 2003 spinoff by Merck. Gilmartin joined Merck as president and CEO in 1994 and was named chairman the same year. In January, Business Week named Gilmartin, then 63, as one of the worst managers of 2004. -- by Cinda Becker
Embattled Gilmartin resigns from top post at Merck
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