Merck KGaA 'to promote' Stefan Oschmann to chief executive

Merck KGaA is set to elevate its deputy chief executive Stefan Oschmann to replace chief executive Karl-Ludwig Kley, according to local reports.

Manager Magazin says the German pharma company plans to promote Oschmann next year, either after its annual general meeting in May 2016 or when Kley's contract expires in September.

But a Merck spokeswoman told Reuters that a decision on Kley's succession had not yet been made and that this would be a matter for the family-controlled group's board of partners.

Oschmann has been vice chairman of Merck's executive board since January and prior to this was responsible for Merck's Pharma business as Member of the Executive Board from 2011 to 2014.

Before joining Germany's Merck he worked for its namesake Merck & Co as the US company's president of emerging markets for Merck Sharp & Dohme (MSD), as its operations are known outside the US.

Prior to joining MSD Oschmann worked for the International Atomic Energy Agency IAEA from 1985 to 1987 and for the German Animal Health Federation (BfT) from 1987 to 1989.