REG - GSK PLC - GSK appoints CEO designate

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RNS Number : 1106B  GSK PLC  29 September 2025

Issued: 29 September 2025, London UK

 

Luke Miels appointed CEO designate for GSK

 

·   Luke to assume full responsibilities as CEO from 1(st) January 2026

 

 

GSK plc (LSE/NYSE: GSK) today announces that Luke Miels is appointed CEO
Designate, GSK. He will assume full responsibilities as CEO and join the Board
on 1(st) January 2026.

 

Luke joined GSK in 2017 and is currently Chief Commercial Officer, with
world-wide responsibility for medicines and vaccines(1). He has been
instrumental in building GSK's specialty medicines portfolio, notably in
oncology and respiratory. Luke is a highly respected, experienced global
biopharma leader, having worked at senior levels in the US, Europe and Asia,
at AstraZeneca, Roche and Sanofi-Aventis, prior to joining GSK. This
experience, and significant contribution to GSK, mean he is exceptionally
well-qualified to lead the company, and to deliver the patient and shareholder
value inherent in the company's future ambitions.

 

Luke will succeed current CEO, Dame Emma Walmsley. Since her appointment as
CEO, Emma has delivered a comprehensive step-change in GSK's operating
performance, portfolio and pipeline, prioritising the development of specialty
medicines and vaccines, and delivering multiple major new products. R&D
has been reinvigorated during her tenure, with 15 major pipeline opportunities
now set to launch in 2025-31. At the same time, GSK's balance sheet has been
strengthened, and following the successful demerger of consumer healthcare, a
new industry-leading company, Haleon, has been created.

 

GSK is now performing to a new standard, with clear outlooks for long-term
growth including total sales expectations of more than £40 billion by 2031(2)
and 2026 marks the start of a pivotal new phase for GSK to deliver these
outlooks.

 

Sir Jonathan Symonds CBE, Chair of GSK, said: "On behalf of the Board, I want
to thank Emma and acknowledge her outstanding leadership in delivering a
strategic transformation of GSK, including the successful demerger of Haleon.
GSK today is necessarily very different to the company she was appointed to
nine years ago and has a bright and ambitious future. The company is
performing to a new, more competitive standard, with performance anchored in a
stronger portfolio balanced across specialty medicines and vaccines.

 

"I am delighted to announce that Luke will be the next CEO of GSK. He has
outstanding global biopharma development and commercial experience, together
with a deep understanding of the company, its prospects and its people. He is
extremely well placed to lead, deliver and surpass the ambitions we have set
for GSK, and to generate new growth and value for patients and shareholders."

 

Dame Emma Walmsley, CEO of GSK, said: "2026 is a pivotal year for GSK to
define its path for the decade ahead, and I believe the right moment for new
leadership. As CEO, you hope to leave the company you love stronger than you
found it and prepare for seamless succession. I'm proud to have done both -
and to have created Haleon, a new world-leader in consumer health.  Today,
GSK is a biopharma innovator, with far stronger momentum and prospects than
nine years ago. Most importantly, the inspiring people in our labs, factories,
and markets worldwide are delivering innovation that matters to get ahead of
disease. I know Luke will lead them brilliantly to even greater impact for
patients. I look forward to supporting this transition and to cheering GSK's
future success as I begin my own new adventures."

 

Luke Miels, CEO Designate of GSK, said: "I am deeply honoured to be appointed
as the next CEO of GSK, and grateful to all the people who have supported me
on this journey, especially Emma. GSK is a very special company, with
outstanding prospects and enormous capacity to impact people's health and to
change lives. As the next CEO, I am privileged to take on this responsibility,
with humility and ambition."

 

-ENDS-

 

Summary of appointment process and arrangements in relation to Directorate
changes

 

Appointment process and transition

 

Luke's appointment reflects effective long-term succession planning by the
Board and Emma, and the outcome of a rigorous process, conducted by the Board
with external support, over the last few months. The process considered both
internal and external candidates.

Desired criteria for the appointment were extensively discussed and approved
by the Board. These criteria reflected the Board's view that priorities for
the next CEO must be to deliver shareholder value and value recognition
through strong focus on pipeline delivery, exceeding the 2031 outlooks, and
preparing for the next wave of R&D through ambitious adoption of
technology and championing of exceptional patient outcomes.

Remuneration arrangements in relation to Luke Miels

 

The Remuneration Committee considered the remuneration arrangements that would
be appropriate to enable GSK to recruit and retain a CEO who meets the
criteria for the role within GSK's current shareholder-approved remuneration
policy. The starting salary has been set at a discount to that of his
predecessor with the variable levels set at the same multiples of salary.
Given the overall objective of aligning the role to the median total target
pay level of the global BioPharma group over time (which GSK was working
towards), this will require meaningful increases over the subsequent few
years.

 

Luke's remuneration arrangements

 

 Base salary                           £1,375,000 - reflecting that Luke is new in role, this is below the current
                                       CEO's level (more so had she qualified for an inflationary increase in 2026)
                                       and results in the package therefore being further below the median of the
                                       agreed global BioPharma group. To achieve the agreed target of delivering a
                                       median package, this will require meaningful increases over the next few years
                                       as he develops into the role.
 Annual bonus                          The on-target bonus would be 150%, with a maximum of 300% as for the current
                                       CEO.
 Award of Long Term Incentives (LTIs)  The 2026 grant will be 7.25x salary consistent with the 2025 grant to the
                                       current CEO. It is envisaged that this will increase to 8x salary for the 2027
                                       grant as permitted under the policy approved at the 2025 AGM, assuming
                                       performance merits.
 Share Ownership Requirement (SOR)     7.25x - in line with GSK's shareholder approved director remuneration policy
                                       approved earlier in 2025. This would increase in the future in line with any
                                       increases to the LTI grant multiple.
 Pension                               Pension arrangements will be in line with those of the wider UK workforce.
 Benefits                              Benefits will be in line with GSK's policy and arrangements for other
                                       executives based in the same country to support them in undertaking their
                                       role.

                                       GSK will support re-location costs within the bounds of its remuneration
                                       policy.

 

Luke's contract of employment will be available for inspection at GSK's
registered office in due course.

 

Remuneration arrangements in relation to Dame Emma Walmsley

 

Emma will step down from the Board on 31st December 2025. She will remain with
the business until her notice period ends on 30 September 2026 and will
support an orderly transition throughout that period. In addition, given the
potential impact to GSK's operating environment arising from geopolitics and
new technologies, the Board has asked Emma to support the company and the new
CEO on these matters.

 

In summary, Emma will continue to receive her salary, pension and benefits as
usual until the end of her employment on 30 September 2026, and she will be
eligible for a bonus for the 2025 financial year (which she will have worked
in full) subject to performance and deferral in the normal way.  She will be
treated as a good leaver under GSK's incentive plans, meaning that her PSP
awards will continue to vest on the normal vesting dates subject to
performance, she will be eligible for an on-target bonus for the 2026
financial year, in each case time pro-rated to the end of her employment, and
she will retain all her deferred bonus awards.  Emma will continue to receive
certain benefits in connection with and following the end of her employment,
including private medical support until 30 September 2029 for her and her
immediate family, tax consultancy services in connection with ongoing tax
returns, reimbursement of legal fees and executive support services. Certain
post-employment benefits will end if Emma starts a new executive role that
offers comparable benefits. Emma will remain subject to GSK's 7.25x salary
share ownership requirement for 2 years after the end of her employment.
Further details of remuneration arrangements in relation to Emma's departure
from GSK, which are consistent with GSK's directors' remuneration policy, will
be disclosed on GSK's website in accordance with section 430(2B) of the
Companies Act 2006.

 

 

About GSK

GSK is a global biopharma company with a purpose to unite science, technology,
and talent to get ahead of disease together. Find out more at gsk.com.

 

Disclosure

GSK confirms there is no information required to be disclosed pursuant to UK
Listing Rule 6.4.8R

 

 GSK enquiries
 Media:               Simon Steel        +44 (0) 20 8047 5502  (London)
                      Kathleen Quinn     +1 202 603 5003       (Washington DC)

 Investor Relations:  Constantin Fest    +44 (0) 7831 826525   (London)
                      James Dodwell      +44 (0) 20 8047 2406  (London)
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                      Steph Mountifield  +44 (0) 7796 707505   (London)
                      Jeff McLaughlin    +1 215 751 7002       (Philadelphia)
                      Frannie DeFranco   +1 215 751 3126       (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 "Risk Factors" section in GSK's Annual Report on Form 20-F for 2024, and
GSK's Q2 Results for 2025.

 

All expectations, guidance and outlooks regarding future performance should be
read together with the section "Guidance and outlooks, assumptions and
cautionary statements" on pages 59-60 of GSK's stock exchange announcement of
the Group's Q2 2025 Results and the statements on page 341 of the Group's
Annual Report for FY 2024.

 

This announcement contains inside information. The person responsible for
arranging the release of this announcement on behalf of GSK is Victoria Whyte,
Company Secretary.

 

Registered in England & Wales:

No. 3888792

 

Registered Office:

79 New Oxford Street

London

WC1A 1DG

 

Notes

1.     Excluding ViiV Healthcare

2.     Totals sales in 2031 on a risk adjusted basis expected to be more
than £40 billion

 

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