Biogen CFO moves to Merck

NEW YORK (CNNMoney.com) -- Biogen Idec's chief financial officer Peter Kellogg is moving over to Merck, where he has been named the new CFO, the companies said on Friday.

Kellogg's new job as chief financial officer and executive vice president begins August 14, said Merck & Co., Inc (down $0.80 to $49.68, Charts, Fortune 500). He will replace Merck's CFO Judy Lewent, who plans to retire after 27 years with the company.

"We conducted a comprehensive search for the right person and considered a number of excellent candidates both inside and outside of Merck," said Kellogg's new boss, Merck chief executive Richard Clark, in a press release. "Our objective was to find an individual with exemplary financial experience and a proven track record."

Kellogg has served as CFO for the biotech Biogen Idec (down $0.02 to $53.53, Charts) since 2004. In that time, Biogen Idec's stock surged 45 percent, compared to Merck's 12 percent increase.

Biogen Idec James Mullen described Kellogg, in a press release, as "a world-class financial executive who helped Biogen Idec grow our core therapeutic areas, executive several significant deals, and expand our global footprint."

Biogen Idec said Kellogg would leave on August 10 and the biotech would announce plans regarding a replacement CFO "over the next several weeks."