Merck Announces Appointment of Robert M. Davis as Chief Financial Officer; Succeeds Peter N. Kellogg, Who Has Served in the Role Since 2007
March 27, 2014 7:20 am ET
Merck (NYSE:MRK), known as MSD outside the United States and Canada,
today 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.”
About Merck
Today’s Merck is a global healthcare leader working to help the world be
well. Merck is known as MSD outside of the United States and Canada.
Through our prescription medicines, vaccines, biologic therapies, and
consumer care and animal health products, we work with customers and
operate in more than 140 countries to deliver innovative health
solutions. We also demonstrate our commitment to increasing access to
healthcare through far-reaching policies, programs and partnerships. For
more information, visit www.merck.com
and connect with us on Twitter,
Facebook
and YouTube.
Forward-Looking Statement
This news release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. These statements are based
upon the current beliefs and expectations of Merck’s management and are
subject to significant risks and uncertainties. If underlying
assumptions prove inaccurate or risks or uncertainties materialize,
actual results may differ materially from those set forth in the
forward-looking statements.
Risks and uncertainties include but are not limited to, general industry
conditions and competition; general economic factors, including interest
rate and currency exchange rate fluctuations; the impact of
pharmaceutical industry regulation and health care legislation in the
United States and internationally; global trends toward health care cost
containment; technological advances, new products and patents attained
by competitors; challenges inherent in new product development,
including obtaining regulatory approval; Merck’s ability to accurately
predict future market conditions; manufacturing difficulties or delays;
financial instability of international economies and sovereign risk;
dependence on the effectiveness of Merck patents and other protections
for innovative products; and the exposure to litigation, including
patent litigation, and/or regulatory actions.
Merck undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Additional factors that could cause results to differ
materially from those described in the forward-looking statements can be
found in Merck’s 2013 Annual Report on Form 10-K and the company’s other
filings with the Securities and Exchange Commission (SEC) available at
the SEC’s Internet site (www.sec.gov).
Merck
Media:
Steven Cragle, 908-423-3461
Pam Eisele, 267-305-3558
or
Investors:
Carol Ferguson, 908-423-4465
Justin Holko, 908-423-5088
