The Scottish Mail on Sunday

GSK chief steels for survival fight

- By Alex Lawson

EMBATTLED GlaxoSmith­Kline chief Emma Walmsley is expected to reinforce her defences against corporate raider Elliott this week when the pharma giant posts improving revenues.

The Mail on Sunday understand­s Walmsley has met with a string of large investors since she detailed her vision for the future of the business last month.

She is expected to tell the City that a number of investors have advised her to stick to her current strategy and not be distracted by Elliott’s calls for a shake-up.

The company has been rocked since the US activist investor took a multi-billion pound stake. GSK plans to split into two next year through the demerger of its consumer arm.

Last week, it appointed consumer health care head Brian McNamara to run it after a recruitmen­t process involving two headhunter­s.

Elliott wants a similar process for the remaining biopharma business, effectivel­y demanding that Walmsley reapplies for her own job.

The stock at the £71billion firm has risen 10 per cent since Elliott’s stake emerged in April, closing at £14.16 on Friday.

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