Karl-Ludwig Kley has made few changes to the slick modern décor in the office of the chief executive of Merck since he took over in April. But he has placed a favourite object prominently behind the desk.
It is a large framed sample of Chinese calligraphy and bears Lao Tzu’s advice to attackers: “Beat the grass to startle the snake.” Mr Kley put it there to remind him of the challenge he faced once when firing an executive in Taiwan.

MARKETS 

