Merck & Co. has appointed 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.  Kellogg, who has been Merck’s CFO since 2007, will leave Merck on May 16.

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 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.

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.

Source: Merck & Co.