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The Importance of External Positioning in the CEO Job
When he was CEO of Merck, there were probably at most five African-American CEOs in the Fortune 500. As I got towards the end, I was much more oriented towards the outside as the chairman of the industry association. That was a critical part of my job. But when I first started, I couldn't even think about the external environment for R&D. It depended on what period of time.