Merck Names Peter Kellogg as Executive Vice President and Chief Financial Officer
WHITEHOUSE STATION, N.J. -- Jun 29, 2007 - Merck & Co., Inc. today announced that Peter N. Kellogg has been named Merck's executive vice president and chief financial officer, effective August 14, 2007. He is currently serving as executive vice president and chief financial officer of Biogen Idec Inc.
Mr. Kellogg will oversee Merck's worldwide financial organization, investor relations, corporate development and licensing. He also will be responsible for leading the Company's relationships with AstraZeneca and DuPont. Mr. Kellogg will report directly to Richard T. Clark, Merck's chairman, president and chief executive officer, and will succeed Judy C. Lewent, who is retiring from Merck.
"In every aspect of our business - from the discovery, manufacture and sale of medicines, to our internal supporting operations and systems - we look to the chief financial officer for business leadership and financial discipline to ensure that we have the necessary financial flexibility to execute our strategies. This is critical to our ability to deliver value to our shareholders and to the patients, payers, and health care community," said Mr. Clark.
"We conducted a comprehensive search for the right person and considered a number of excellent candidates both inside and outside of Merck," Mr. Clark continued. "Our objective was to find an individual with exemplary financial experience and a proven track record. And, we looked for a person with the right values and the kind of personal leadership attributes that are required for the important responsibilities that come with this position. Peter Kellogg has all of the credentials, experience, and qualities that we were seeking."
"This is an outstanding opportunity to work with Merck's very talented management team, Board of Directors and Dick Clark as they transform Merck's business and better position the Company for the future. I am excited about the plan they have in place and my role, along with others, in achieving it," Mr. Kellogg said. "I'm pleased to be able to join a financial organization that is known throughout the industry and the business community as one deeply committed to excellence and the highest standards."
As executive vice president and chief financial officer at Biogen Idec Inc., a position he held since 2004, Mr. Kellogg was responsible for the company's worldwide finance function. A member of the Executive Committee at Biogen Idec, he provided strong leadership in long-range planning, business development, and merger and acquisition processes. While in this role, he had key responsibility for investor relationships, and was accountable for Board review of financial performance, long-range plans, and all Board Finance and Audit Committee activities.
Prior to that position, Mr. Kellogg held the same position at Biogen, Inc. - which merged with IDEC Pharmaceuticals in 2003. Earlier in his career, Mr. Kellogg was with PepsiCo Inc., where he held senior financial and general management roles, including senior vice president of PepsiCo E-Commerce, and senior vice president and chief financial officer of Frito Lay International. Mr. Kellogg was also a senior partner at both Booz Allen & Hamilton Inc., and Arthur Andersen and Co., two respected consulting firms.
Mr. Kellogg holds an MBA in Management from the University of Pennsylvania, and a B.S. in Engineering from Princeton University.
About Merck
Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck currently discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The Company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. For more information, visit www.merck.com.
Forward-Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Merck's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of Merck's Form 10-K for the year ended Dec. 31, 2006, and in its periodic reports on Form 10-Q and Form 8-K, which the Company incorporates by reference.