Merck Announces Appointment of Robert M. Davis as Chief Financial Officer; Succeeds Peter N. Kellogg, Who Has Served in the Role Since 2007
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.”
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.
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).
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