Merck names Litchfield CFO

Caroline Litchfield has been appointed executive vice president and chief financial officer for Merck, the company announced today.

She will begin the role April 1.

Litchfield succeeds Robert Davis, who was previously named to succeed the retiring Ken Frazier as CEO.

Merck, one of the biggest pharmaceutical companies in the world, is headquartered in Kenilworth.

Frazier made the announcement.

“Ensuring our company’s sustainable financial strength is essential to enable Merck to deliver on our mission to save and improve lives and to create long-term value for all our stakeholders,” he said, “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.”

Litchfield is currently the company’s treasurer, with responsibility for treasury, tax and investor relations. From 2014-18, she led finance for Human Health, the company’s largest business, overseeing financial operations and reporting in approximately 100 markets. She joined Merck in 1990 in its U.K. business and has held a wide range of positions of increasing responsibility in the company’s country, regional and global finance functions.

“I’m honored to become Merck’s CFO at such a pivotal time, and to work closely with Ken, Rob and the executive committee to continue our company’s truly unique legacy of saving and improving lives and creating long-term value for patients, customers and shareholders,” she said.

Litchfield has a Bachelor of Science degree in mathematics from the University of Leicester and is a fellow of the Chartered Institute of Management Accountants.

Davis welcomed her to his leadership team.

“Caroline’s passion for Merck’s mission and for the patients we serve guides every decision that she makes,” he said. “I look forward to working with Caroline as our next CFO and to benefit from her expertise and leadership as we chart the course for Merck in the months and years ahead.”