Karl-Ludwig Kley Joins Verizon Board of Directors
Verizon's Board of Directors is responsible for the direction of the management team, which conducts the company's business. The Board oversees the management of risks inherent in the operation of Verizon's businesses as well as the implementation of its strategic plan. All directors stand for election every year. The addition of Karl-Ludwig Kley brings the total board membership to 13.
"I'm very much looking forward to joining a board whose directors are guided by the highest standards of corporate governance and who are truly committed to acting in the best interest of the company and its shareholders," Kley said. "I strongly believe that a board reflecting a range of viewpoints, backgrounds and expertise is best positioned for successfully directing Verizon and I'm happy that I can add to that diversity another European perspective."
Karl-Ludwig Kley has been Chairman and CEO of Merck since 2007. During his tenure, he has orchestrated the largest transition in the company's almost 350-year history from what used to be a company with a diverse portfolio in pharma and chemicals into a specialized high-tech company in the areas of healthcare, life science and performance materials. Today the company holds leading positions in fertility treatments, process solutions for the biotech industry or liquid crystal displays. Merck last month announced that Karl-Ludwig Kley will hand over the helm to his deputy, Stefan Oschmann, in April 2016.
Prior to Merck, Karl-Ludwig Kley was Chief Financial Officer at Deutsche Lufthansa for eight years and joined the German airline's supervisory board in 2013. He is Deputy Chairman of the supervisory board of BMW, the world's largest maker of luxury cars, and member of the supervisory board of Bertelsmann, Europe's biggest media company. In addition, he is vice president of the German Chemicals Association (VCI) and member of the steering committee of the Federation of German Industries (BDI).