Glaxosmithkline defies activist Elliott to name boss of consumer arm

glaxosmithkline defies activist elliott to name boss of consumer arm

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.

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