GSK insider will lead consumer healthcare unit after spin-off
GLAXOSMITHKLINE has appointed the current head of its consumer healthcare unit, Brian Mcnamara, to run the division after its spin-off next year.
The choice of an internal candidate, over many external applications, could be seen as a snub to activist shareholders such as Elliott Management that have demanded a shake-up of the drugs giant amid a battle over the future of its business.
Its new company – a joint venture with Pfizer – is expected to have annual sales of more than £10bn when it becomes a public company on the London Stock Exchange, with a portfolio including brands like Sensodyne toothpaste and painkiller Panadol.
Mr Mcnamara joined GSK from Swiss pharmaceutical rival Novartis in 2015 and has headed up the consumer sector since its former head Dame Emma Walmsley was promoted to group chief executive. He has overseen two joint ventures, the first being with his former employer before ongoing preparations for the planned carve out.
In an internal message to staff seen by The Daily Telegraph, the Londonbased American said he was “humbled and incredibly honoured and proud” to have been chosen.
He added GSK has “a lot more to do to be ready [for the separation] and I recognise that we are going through a lot of change and managing uncertainty along the way”, but that the unit “will deliver better everyday health with humanity and will make a meaningful difference in the world”.
The board is searching for a chairman and directors for the new consumer health company’s board.
It came after some shareholders had suggested Dame Emma might be better heading the consumer unit, amid doubts she can revamp the business. GSK is under increasing pressure from Wall Street hedge fund Elliott, which has been criticising the chief executive after building a multibillion-pound stake in the company.
In reply, the pharma giant launched a fierce defence of Dame Emma’s leadership and insisted she is the right person to lead so-called New GSK, the remaining company left after the split.