Here's the way Merck worded that: https://s21.q

Here's the way Merck worded that:

https://s21.q4cdn.com/488056881/files/doc_fin...tement.pdf

Quote:

---

In September, the Board made the decision to eliminate the Mandatory CEO Retirement Policy, facilitating Mr. Frazier’s continued
leadership as Chairman, President and Chief Executive Officer. As a result of the elimination of the Mandatory CEO Retirement
Policy, Mr. Frazier lost a pension benefit from his tenure prior to becoming CEO. To restore the loss of the benefit, the Board
approved a $2.5 million credit to Mr. Frazier’s deferred compensation account. The credit will be forfeited if his employment ends
before January 2020 (unless due to his earlier death or disability).

---

I can't find the PR that says he will retire in January either. I think the January 2020 time frame for his retirement was probably an earliest possible date he could retire without losing the $2.5M.

Here's a 3rd party link that discusses Frazier and the $2.5M benefit:
https://www.fiercepharma.com/pharma/loyalty-p...rement-age