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UPDATE 1-Biogen CFO Kellogg resigns to become CFO at Merck

Fri Jun 29, 2007 1:16pm EDT

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BOSTON, June 29 (Reuters) - Merck & Co. Inc. (MRK.N) has hired Peter Kellogg, the chief financial officer of biotechnology company Biogen Idec (BIIB.O) to replace its own outgoing CFO, Judy Lewent, who is retiring.

Merck said Kellogg, who has been CFO at Biogen since 2004, will start on Aug. 14.

"Peter is a pretty well regarded guy who is viewed by investors as a straight shooter," said Geoffrey Porges, an analyst at Sanford Bernstein. "He's presided over a significant merger and a reasonable restructuring at Biogen and this is a significant reflection of that."

Merck conducted a comprehensive search and looked both inside and outside the company.

"Our objective was to find an individual with exemplary financial experience and a proven track record," Richard Clark, Merck's chief executive, said in a statement.

Before becoming CFO of Biogen Idec, Kellogg was the CFO of Biogen Inc. and he oversaw the merger of Biogen and Idec Pharmaceuticals in 2003.

Previously he held senior financial and general management roles at PepsiCo Inc.

Lewent has served in the post for over 17 years.

((Reporting by Lewis Krauskopf, editing by Andre Grenon; Reuters Messaging: Lewis.Krauskopf.reuters.com@reuters.net; lewis.krauskopf@reuters.com +1-646-223-6082)) Keywords: MERCK CFO/

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