Merck chairman steps down

WHITEHOUSE STATION, N.Y., May 5 (UPI) -- U.S. pharmaceutical giant Merck & Co. Thursday said Raymond Gilmartin had resigned his position as chairman and chief executive officer.

Merck's board of directors quickly replaced him with company insider Richard Clark, current president of the Merck manufacturing division. Lawrence Bossidy, former chairman of Honeywell International Inc., was named president of the newly added executive committee, which is to be in place for a year or two and will support Clark in his new positions.

The resignation comes amid criticism and investigations over how Merck handled clinical trials data showing its COX-2 arthritis drug Vioxx doubled the risk of heart attacks in patients taking it for more than 18 months. The company pulled Vioxx from the market in the fall of 2004 but investigations continue into whether the company acted far too late.

Merck's legal liability exposure is estimated at $1 billion.

Gilmartin will remain as a special adviser to Merck until his formal retirement in 2006.