Stefan Oschmann has been named as new chief executive of Germany’s Merck KGaA, succeeding current CEO Karl-Ludwig Kley, who will retire following the German chemical and pharmaceutical producer’s annual general meeting on Apr. 29, 2016. A member of the Merck executive board since 2011, the 58-year-old manager was initially in charge of the pharmaceutical business. At the beginning of 2015, he was named deputy chairman and CEO, responsible for strategy and innovation.

During the nine-year tenure of the now 64-year-old Kley as head of Merck, the company has gone through the biggest transformation in its almost 350-year history, said Johannes Baillou, chairman of the Board of Partners at E. Merck, parent of the Merck group. 

From a company with a diverse portfolio in pharma and chemicals in 2006, Baillou noted that Merck has evolved into a specialized high-tech company in healthcare, life science and performance materials. Following mergers and acquisitions worth about €38 billion as well as organic growth, sales this year are expected to be twice the 2005 level. Two change programs have resulted in a leaner organization capable of driving innovation more efficiently.