Merck KGaA appoints new executive chairman

Merck KGaA has announced the close of its annual general meeting, with Karl-Ludwig Klev replacing Michael Romer as executive chairman of the board at the meeting’s conclusion.

At the meeting, the company’s shareholders approved six resolutions proposed by the supervisory board and general partners of the firm, with a seventh relating to the creation of new authorised capital not garnering the required three-quarters majority.

Outgoing chairman Dr Romer told the 1,000-strong meeting of shareholders and guests that the firm had become the leading biopharmaceutical firm in Europe, with the company looking to broaden its expertise in small molecule chemical substances as part of its efforts to increase its scope in biopharmaceutical compounds.

“With Serono, we have gained a wealth of biopharmaceutical active ingredients,” said Dr Romer.

“These new active ingredients give us an additional position of uniqueness and thus competitive advantages in our industry.”

He added that the firm was in the process of generating superior profits, innovating for growth markets and securing its future, while the potential sale of the firm’s generic pharmaceuticals segment would be a beneficial step as the market merges.

Last week, Merck reported a 27 per cent rise in revenues to 2.2 billion euros (1.5 billion pounds), with this increase driven by its recent purchase of Serono.