FRANKFURT, Dec 12 (Reuters) - Germany's Merck will not extend the contract of pharmaceuticals head Elmar Schnee following a string of setbacks in drugs development, the Financial Times Deutschland said.
As part of a broader management reshuffle, Merck will extend the contract of Chief Executive Karl-Ludwig Kley, and Chief Financial Officer Michael Becker is set to retire, the paper said in an advance copy of its Monday edition citing unnamed sources.
A spokesman for Merck declined to comment on the possible management reshuffle.
Schnee, a member of the executive board since 2005 is being held accountable for setbacks with the Multiple Sclerosis pill Cladribine, and will likely be succeeded by Stefan Oschmann, head of emerging markets at rival Merck & Co., the paper further said.
Last month the U.S. drugs watchdog said will take more time to decide over Merck KGaA's multiple sclerosis (MS) pill.
European regulators on Sept. 24 dealt the German family-controlled group a body blow by advising against the cladribine pill in its potentially largest market.
Uta Kemmerich and Olaf Klinger are among the possible successors for the post of finance chief, the paper said.
(Reporting by Edward Taylor and Frank Siebelt) Keywords: MERCK/PHARMACEUTICALS (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
As part of a broader management reshuffle, Merck will extend the contract of Chief Executive Karl-Ludwig Kley, and Chief Financial Officer Michael Becker is set to retire, the paper said in an advance copy of its Monday edition citing unnamed sources.
A spokesman for Merck declined to comment on the possible management reshuffle.
Schnee, a member of the executive board since 2005 is being held accountable for setbacks with the Multiple Sclerosis pill Cladribine, and will likely be succeeded by Stefan Oschmann, head of emerging markets at rival Merck & Co., the paper further said.
Last month the U.S. drugs watchdog said will take more time to decide over Merck KGaA's multiple sclerosis (MS) pill.
European regulators on Sept. 24 dealt the German family-controlled group a body blow by advising against the cladribine pill in its potentially largest market.
Uta Kemmerich and Olaf Klinger are among the possible successors for the post of finance chief, the paper said.
(Reporting by Edward Taylor and Frank Siebelt) Keywords: MERCK/PHARMACEUTICALS (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.