Thursday, March 27, 2014

Rob Davis Named CFO -- Ex-Baxter CFO; Ex-Lilly Tax Guru -- Now At Merck

I'll be back with more later, but there is much much more -- behind the scenes -- in this move.

And I've got it all -- what to disclose? What not to disclose? A vexing scruples question, now.

Baxter disclosed this morning that it is splitting in two. And it also disclosed that long time Chairman Bob Parkinson would be the head of the Med side; Ludwig Hantson will head the biosciences side of the new house.

One might opine that the new splitco arrangements left Mr. Davis without a seat of adequate. . . girth. One might also wonder when Mr. Kellogg will next resurface. I have much, much more -- but that is all I can ethically and lawfully share right now.

From the news item, then:

. . . .Merck 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. . . .

"Peter [Kellogg] 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. . . ."

I've got an intervening one -- from my buddy Ed, at the WSJ -- up next.


Anonymous said...

Interesting times, Condor. That makes both top finance positions at Merck (CFO and Controller) vacated within a few months of each other. Amazing.

Anonymous said...

It appears that Rob has no accounting background,He is not a CPA, . He is from Kellog replacing Kellog. I guess Kellog lost out with the Roger team and the Mfg head in controlling cost. This guy is another lawyer with no science background. Lord help us.