Merck Names New CFO

Peter Kellogg of Biogen Idec will join the company.
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Merck

(MRK) - Get Report

said Friday that it has hired Peter Kellogg of

Biogen Idec

(BIIB) - Get Report

as its new chief financial officer.

Kellogg, who has been the biotech company's CFO since 2004, replaces Judy Lewent, who said in February that she would retire by mid-year. Kellogg will leave Biogen Idec on Aug. 10 and join Merck on Aug. 14. Biogen Idec said it would announce its plans for a successor in a few weeks.

Merck is the second Big Pharma company to announce a change in CFOs in the last 24 hours. On Thursday,

Wyeth

(WYE)

promoted Greg Norden, an 18-year veteran, to succeed Kenneth Martin, who is retiring June 30.

"We conducted a comprehensive search for the right person and considered a number of excellent candidates both inside and outside of Merck," said Richard Clark, Merck's chairman and CEO, in announcing Kellogg's appointment.

Previously, Kellogg had been CFO at Biogen, which merged with Idec Pharmaceuticals in 2003. Kellogg also held several financial and management jobs at

PepsiCo

(PEP) - Get Report

and was a senior partner at two consulting firms, Booz Allen & Hamilton and Arthur Andersen.