Sumary of Glaxosmithkline defies activist Elliott to name boss of consumer arm:
- Glaxosmithkline’s board has defied activist investor Elliott Management and pressed ahead with appointing a boss of the consumer arm ahead of its separation.
- The announcement came despite a demand from Elliott for GSK to launch a six-month review of who should lead the division – as well as another review into who should lead the remaining pharmaceuticals and vaccine company.
- GSK chairman Sir Jonathan Symonds said: ‘We are delighted to announce Brian’s appointment to lead the proposed new consumer healthcare company, following a thorough process conducted by the board.
- Ahead of the separation of GSK’s consumer business, efforts are also under way to choose a separate chairman and board for the division.
- The chairman is expected to be in place before the end of the year.
- However, Elliott criticised the plans and said an outright sale of consumer should be considered.