TIDMGSK
RNS Number : 1817G
GlaxoSmithKline PLC
22 July 2021
Issued: 22 July 2021, London UK - LSE announcement
Brian McNamara appointed CEO Designate of new independent
Consumer Healthcare company
The Board of GSK (GSK) today announces that Brian McNamara, the
CEO of GSK Consumer Healthcare (a Joint Venture between GSK and
Pfizer) has been appointed as CEO Designate of the new, listed
Consumer Healthcare company which will result from the proposed
demerger of Consumer Healthcare from GSK in 2022.
As set out at GSK's Investor Update on 23 June 2021, subject to
approval from shareholders, the separation of Consumer Healthcare
will be by way of a demerger in mid-2022 of at least 80% of GSK's
holding to shareholders. The new resulting Consumer Healthcare
company is expected to attain a premium listing on the London Stock
Exchange.
The company will be a new world-leader in Consumer Health with a
portfolio which generated annual sales of more than GBP10 billion
in 2020. The company will have a strong portfolio of brands
including Sensodyne, Voltaren, Panadol and Centrum and will hold
category leadership positions and major sales presences in the US
and China.
Sir Jonathan Symonds, GSK Chairman, 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. Brian is an exceptional leader, and through two global
integrations, has successfully transformed GSK Consumer Healthcare
into a category-leading business. His strong track record of
success and deep experience of fast moving consumer goods and
consumer health, proven at P&G, Novartis and GSK, means he is
the right choice to unlock the potential of Consumer Healthcare as
an independent company and deliver its strong prospects for
sustainable sales and profit growth, high cash generation and
attractive returns for shareholders."
Brian joined GSK from Novartis in 2015, where he was head of the
Over the Counter (OTC) division. He has been a driving force behind
two successful Joint Ventures, first between GSK and Novartis and
more recently with Pfizer to create a new world-leading Consumer
Healthcare business.
Brian McNamara, CEO Designate, Consumer Healthcare, said: "I am
honoured to have this opportunity. Together with the many talented
people we have in our business, I am looking forward to our
exciting future as an independent company. I am confident we are
well positioned for growth, building on our brands and innovation,
with leading-edge science and human understanding, to deliver
better everyday health."
Appointment and selection process
As previously communicated, the Board of GSK conducted an
extensive search and selection process to appoint a CEO Designate
for the new Consumer Healthcare company. The process, conducted
over six months and supported by two leading global search firms,
was overseen by the Nominations & Corporate Governance
Committee and resulted in direct evaluation and interview of
several external and internal candidates for the position.
Consumer Healthcare Board
With the separation of Consumer Healthcare, the Board of GSK has
been preparing for two separate, appropriately qualified,
independent boards at the point of separation. A formal process to
appoint a Chair and to form a Board of Directors for the new
Consumer Health company is well underway. The appointment of a
Chair is expected in the second half of 2021 who will then, in
accordance with best practice, lead the process of appointments to
establish the new Board. This new Board will include the
appropriate mix of skills, experience, diversity and continuity,
relevant to Consumer Health, to represent and maximise the value of
this new business for shareholders.
Notes to Editors
Brian McNamara - additional information
Brian began his career at P&G and, over a 16-year tenure,
gained extensive experience in product supply, brand marketing, and
customer leadership before moving to Novartis in 2004.
Brian is a Board member of the Consumer Goods Forum (CGF). He
previously served as a Board Member of the Global Self Care
Federation (GSCF) for seven years, acting as Chairman from February
2017 to March 2019 and, for three years was an active member of the
Board of Trustees for Treloar's - a trust providing support and
independence education for young people with physical
disabilities.
Brian has an undergraduate degree in Electrical Engineering from
Union College in Schenectady, New York and an MBA in Finance from
University of Cincinnati.
About GSK
GSK is a science-led global healthcare company. For further
information please visit www.gsk.com/about-us .
GSK enquiries:
Media enquiries: Tim Foley +44 (0) 20 8047 (London)
5502
Madeleine Breckon +44 (0) 20 8047 (London)
5502
Kristen Neese +1 804 217 8147 (Philadelphia)
Kathleen Quinn +1 202 603 5003 (Washington
DC)
Analyst/Investor Sonya Ghobrial +44 (0) 7392 (Consumer)
enquiries: 784784
James Dodwell +44 (0) 20 8047 (London)
2406
Mick Readey +44 (0) 7990 (London)
339653
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Frannie DeFranco +1 215 751 4855 (Philadelphia)
Cautionary statement regarding forward-looking statements
GSK cautions investors that any forward-looking statements or
projections made by GSK, including those made in this announcement,
are subject to risks and uncertainties that may cause actual
results to differ materially from those projected. Such factors
include, but are not limited to, those described in the Company's
Annual Report on Form 20-F for 2020 and any impacts of the COVID-19
pandemic.
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END
MSCFZGZNFZMGMZM
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July 22, 2021 09:45 ET (13:45 GMT)
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