"Judy is a world-class CFO," said Richard T. Clark, Chief Executive Officer and President. "Her business and financial acumen, keen strategic thinking and analytical skills have made her an invaluable advisor and colleague. I speak personally and also for investors and employees when I state that she will be greatly missed."
Joining the Company in 1980, Ms. Lewent was rapidly promoted to a series of increasing responsibilities, including Vice President and Treasurer in 1987 and Vice President for Finance and Chief Financial Officer in 1990. Leveraging her extensive knowledge of corporate finance and equally deep appreciation for Merck's mission and business, Ms. Lewent developed highly innovative models and techniques for evaluating Merck's R&D investment and resulting pipeline. On a related front, her pioneering work on the economics of the research-based pharmaceutical industry has aided understanding within the policy community of the vital link between R&D investment and innovation. An investment banker by training, Ms. Lewent also played a leading role in the resurgence of Merck's corporate development and licensing functions. Over the years, she led the negotiation, structuring and execution of several key alliances and acquisitions and also chaired the governing boards of several of Merck's joint ventures. Most recently, Ms. Lewent was a major contributor to the Company's recently unveiled corporate strategy, Merck's Plan to Win.
"My time at Merck has been enormously gratifying," Ms. Lewent said. "We have maintained our financial strength through the inevitable cycles of challenge and success that characterize the pharmaceutical industry. We have never wavered in our fundamental mission as a Company, but we continue adapting our business model in order to enhance our ability to successfully execute in a rapidly changing environment. I am proud of the highly innovative medicines and vaccines that we have brought to people around the world, and I am proud to have played a role in helping to position the Company for long-term growth.
I am equally proud of the finance organization that I helped to recruit and build. These highly talented and dedicated professionals are superb business partners and stewards of the Company's assets."
The Company will begin a search for Ms. Lewent's replacement and will consider both internal and external candidates. "Judy has generously given us a good amount of time to achieve an orderly transition, and I am confident that we will do so," Mr. Clark added.
About Merck
Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The Company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. For more information, visit www.merck.com.
Forward-Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Merck's business, particularly those mentioned in the cautionary statements in Item 1 of Merck's Form 10-K for the year ended Dec. 31, 2005, and in its periodic reports on Form 10-Q and Form 8-K, which the Company incorporates by reference.
Contact: Merck & Co., Inc. Media: Ray Kerins, 908-423-6022 Investor: Graeme Bell, 908-423-5185
Source: Merck & Co., Inc.
