Merck Sharp and Dohme names new chief financial officer

Merck Sharp and Dohme has announced the appointment of Robert Davis as its new executive vice-president and chief financial officer (CFO), effective as of April 23rd 2014.

Mr Davis joins the company from Baxter, where he currently serves as corporate vice-president and president of the medical products business. In his new role, he will oversee corporate strategy and business development.

He has been appointed as the successor to Peter Kellogg, who has been credited with making significant contributions to the business, having occupied the post of CFO since 2007.

Mr Kellogg will remain with the company until May 16th 2014 and will work closely with his successor until that date in order to ensure a smooth transition.

Kenneth Frazier, chairman and chief executive officer at Merck Sharp and Dohme, said Mr Davis' expertise "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".

This comes as the company prepares to announce its financial results for the first quarter of 2014, with a sales and earnings conference call scheduled for April 29th.