Merck & Co. has named Peter N. Kellogg 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.
Kellogg replaces Judy C. Lewent, who is retiring after spending 27 years with the company; 17 of those years were spent as financial chief. Lewent was once considered a strong candidate for chief executive of the pharmaceutical company.
Kellogg will oversee Merck’s worldwide financial organization, investor relations, corporate development, and licensing. He will also be responsible for leading the company’s relationships with AstraZeneca and DuPont. Kellogg will report directly to Richard T. Clark, Merck’s chairman, president, and chief executive officer.
Since joining Biogen Idec in 2004, Kellogg has been responsible for the company’s worldwide finance function. He was also a member of the executive committee, and was credited with providing strong leadership in long-range planning, business development, and merger-and-acquisition processes. Prior to that, Kellogg held the same position at Biogen Inc., which merged with IDEC Pharmaceuticals in 2003.
Earlier in his career, Kellogg was with PepsiCo Inc., where he held senior financial and general management roles, including senior vice president of PepsiCo E-Commerce, as well as senior vice president and chief financial officer of Frito Lay International. He was also a senior partner at consulting firms Booz Allen & Hamilton Inc. and Arthur Andersen.
“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,” says Clark. In its search, Clark says, Merck was looking for an individual with “exemplary financial experience and a proven track record.”