[NEW YORK] US pharmaceutical giant Merck said Thursday that chief executive Ken Frazier will retire on June 30.

Mr Frazier, one of few African Americans to run a major US company, will stay on the board as executive chairman during a transition period, a statement said.

Word of the change in leadership came as Merck reported profits of US$7.1 billion in 2020, a decline of 28 per cent from the previous year, on revenue of US$48 billion, which was up by 2.5 per cent.

AFP