Kenneth C. Frazier, a North Philadelphia native, is retiring from his position as Merck CEO effective June 30, writes John George for the Philadelphia Business Journal.

Frazier has led Merck for the last ten years. During that time, Merck stock has more than doubled in value. He will continue to serve on the company’s board of directors during the transition period.

“It has been a privilege to serve as Merck’s CEO for the past decade and to work with the most dedicated and talented employees and management team in the industry,” said Frazier.

The role of the chief executive at the pharmaceutical giant that has a substantial presence in Montgomery County will be taken over by Robert M. Davis.

He is currently serving as Merck’s executive vice president of global services and chief financial officer.

“The board and I are delighted that Rob will serve as Merck’s next CEO,” said Frazier. “He has deep knowledge of our company and industry and has been a valued strategic thought partner to me and the Merck senior management team as well as a highly capable finance leader.”

Read more about Kenneth Frazier at the Philadelphia Business Journal by clicking here.