Merck promoted 30-year company veteran Caroline Litchfield to the role of CFO, after appointing her predecessor to CEO.
In a March 24 news release, Merck said Ms. Litchfield will become executive vice president and CFO on April 1.
Five things to know about Merck's new appointee:
- Ms. Litchfield joined Merck in 1990 in its U.K. business and has since held positions in Merck's finance operations with increasing responsibility.
- She will be replacing Merck's incumbent CFO Robert Davis, who has been in the role for seven years, as he transitions to CEO.
- She is currently Merck's treasurer, where she oversees treasury, tax and investor relations.
- In Ms. Litchfield's new role, she will be responsible for allocating capital and funding mergers and acquisitions, as well as overseeing patent protection for revenue-driver cancer immunotherapy drug Keytruda, according to a report by The Wall Street Journal.
- Merck is also in the process of breaking off a portion of its business into Merck spinoff Organon, which will include products that have lost patent protection. Ms. Litchfield is anticipated to help with these upcoming changes, the Journal reports.
"Caroline's appointment as our next CFO is the result of a combination of factors — most importantly, Caroline's financial expertise, remarkable track record and leadership — as well as our commitment to developing talent and our succession planning for leadership roles." Merck CEO and Chair Kenneth Frazier said in the release.
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