Germany's Merck KGaA will promote its deputy chief executive, Stefan Oschmann, to replace current CEO Karl-Ludwig Kley next year, Manager Magazin reported on Friday.

Oschmann, 57, would take on the new role next year after the group's annual shareholder meeting in April 2016 or in September next year at the latest, when Kley's current contract expires.

The German drugs and chemicals maker last September appointed Oschmann, the head of its pharma business at the time, as deputy chief executive from January 2015 on, sharing strategic management functions and representation of the company with Kley (63).

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