Merck names Baxter exec as CFO

Merck & Co Inc appointed Baxter International Inc executive Robert Davis as chief financial officer, as it looks to cut costs and focus on drugs that are more likely to be approved by regulators. Merck – struggling with slowing sales, delays in new drug approvals and failures of experimental drugs – said in October it would cut 8,500 jobs and chop annual operating costs by $2.5 billion. “The main thing for Davis to focus on is trying to make Merck’s structure more flexible so that it can move more quickly to areas that have good returns,” Morningstar analyst Damien Conover said.