Schering-Plough President to Resign

Schering-Plough Corp. said President and Chief Operating Officer Raul Cesan will resign, effective July 15.

The announcement comes five days after Schering-Plough said it failed to meet U.S. regulatory manufacturing standards, the second such occurrence this year. Cesan’s resignation makes it appear that he is taking the blame for setbacks with a successor to Claritin, the top-selling allergy medicine, while the drug maker’s shares have dropped by about a third this year, analysts said.

Schering-Plough declined to comment.

Shares of Kenilworth, N.J.-based Schering fell $1.67 to $36.98 on the NYSE.