Merck Appoints New CFO
Merck has announced the appointment of Robert M. Davis, 47, as executive vice president and chief financial officer, effective April 23, 2014. Davis, who will also oversee corporate strategy and corporate business development, will succeed Peter N. Kellogg, 58. After having made significant contributions to the company as Merck’s CFO since 2007, Kellogg will work closely with Davis to ensure a seamless transition and will leave Merck on May 16.
"Rob is an accomplished executive with significant financial and operational expertise, including as a CFO, and will be an exceptional addition to our team,” said Kenneth C. Frazier, chairman and chief executive officer, Merck. “Rob’s broad, global business and healthcare experience, which encompasses commercial, R&D, quality, regulatory, manufacturing and supply chain, will be an asset to us in implementing a significantly streamlined, more flexible cost structure and operating model, while enabling us to focus on our highest-potential growth opportunities.”
Davis is corporate vice president and president of Baxter’s Medical Products business where he oversaw the successful integration of that company’s Global Medication Delivery and Renal businesses, along with corporate manufacturing and R&D functions, into a single, integrated division, improving R&D productivity and eliminating significant costs. Prior to his current role, Davis served as corporate vice president and president of Baxter’s Renal business, as corporate vice president and chief financial officer from May of 2006 through May of 2010, and as treasurer from 2004 through May of 2006. Davis joined Baxter as treasurer in 2004 after more than 14 years at Eli Lilly and Company.
"It is a tremendous opportunity to join Merck at such an exciting time,” said Davis. “Merck’s long-standing commitment to science, innovation and improving global health is unsurpassed among pharmaceutical companies.”
Kellogg joined Merck in 2007 as executive vice president and chief financial officer. He played a major role in driving the execution of Merck’s merger with Schering-Plough and in designing the company’s capital structure to enhance shareholder returns, including its 2013 accelerated share repurchase program. To ensure a smooth transition, Kellogg will oversee the closing and reporting of the company’s first quarter sales and earnings on April 29.
"Peter has been an important member of the Merck leadership team and instrumental in helping to guide Merck during a period of significant change at our company and in our industry,” said Frazier. “Peter leaves Merck a stronger company, better positioned to deliver long-term value to our shareholders.”
"I am extremely proud of what we have accomplished together during my seven year tenure at Merck,” said Kellogg. “And while I am excited to open another chapter of my professional life, it is heartening that I can do so having had the opportunity to contribute to Merck’s legacy and long-term success.”