REG - GlaxoSmithKline PLC - Consumer Healthcare Chair Designate appointed

GSKAnnouncement

20/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211220:nRST1185Wa&default-theme=true

RNS Number : 1185W  GlaxoSmithKline PLC  20 December 2021

Issued: 20 December 2021, London UK - LSE announcement

 

GSK announces Sir Dave Lewis appointed Non-Executive Chair Designate of
independent Consumer Healthcare company

 

New world-leader in Consumer Healthcare on track to list in 2022

 

 

GlaxoSmithKline plc (LSE/NYSE: GSK) today announced that Sir Dave Lewis has
been appointed as Non-Executive Chair Designate of the new Consumer Healthcare
company which will result from the proposed demerger from GSK in 2022. His
appointment will take effect from 1st January 2022.

 

As set out at GSK's Investor Update in 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 company is expected to attain a premium listing on the London Stock
Exchange.

 

The new business is expected to be a world-leader in Consumer Health offering
the prospect of superior, sustainable sales growth and a highly attractive
financial profile for investors. Since 2014, through successful strategic
portfolio changes, including integrations of the Novartis consumer healthcare
portfolio in 2015 and the Pfizer portfolio in 2019, GSK Consumer Healthcare
has been transformed into a highly valuable and focused global business
generating annual sales of more than £10 billion. The business now has an
exceptional portfolio of world-class, category-leading brands, together with
global scale and new innovation capabilities, offering a differentiated
proposition that combines trusted science and human understanding.

 

Sir Dave is a highly experienced and respected global business leader in
consumer goods and retail. From 2014 to 2020 he was Group Chief Executive
Officer of Tesco plc and prior to that was Global President, Personal Care at
Unilever. He also has extensive experience as a Board Director, in both the UK
and US, having served on the Boards of Sky plc, Tesco plc and currently
PepsiCo.

 

Today's announcement follows the appointment of Brian McNamara as Chief
Executive Officer Designate of the new Consumer Healthcare company in July
2021. Formation of the management team for the new company has also now been
completed, with full details available on gsk.com.

 

Sir Jonathan Symonds, Chair, GSK, said: "I am delighted to welcome Dave as
Chair Designate of the new Consumer Healthcare company. He brings outstanding
global consumer and retail sector experience that will be of valuable support
to Brian and the management team as they deliver the full potential of this
new world-leading Consumer Healthcare company."

 

Sir Dave Lewis, Chair Designate, GSK Consumer Healthcare, said: "GSK Consumer
Healthcare is a world-class business with significant prospects and a
high-quality leadership team. I am looking forward to being part of its
exciting future as an independent company and the very positive impact it can
have on people's health all over the world."

 

As Chair Designate, Sir Dave will now support preparations for the demerger
and, in accordance with best practice, lead the process to establish the new
Board of Directors of the new Consumer Healthcare company. 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 all stakeholders.

 

 

Notes to Editors

 

Appointment and selection process

 

The Board of GSK conducted an extensive search and selection process for this
appointment, using an external search firm, which is a signatory of the
Voluntary Code of Conduct for Executive Search Firms, overseen by the
Nominations & Corporate Governance Committee. The external search firm
provided a diverse list of candidates who were approached, evaluated and
interviewed, against an agreed set of criteria, to identify the most suitable
candidate to lead the Board of the demerged Consumer Healthcare business.

 

Remuneration

 

Sir Dave will receive total fees of £700,000 per annum as Non-Executive Chair
of the listed Consumer Healthcare company and will be required to invest an
element of his net fees in company shares.

Biography

 

Sir Dave Lewis served as Group Chief Executive Officer of Tesco plc, a
multinational grocery and general merchandise retailer, from 2014 until
September 2020.

 

Prior to joining Tesco, he served in a variety of management positions with
Unilever plc, a global consumer products company, from 1987 to 2014, including
a variety of leadership roles in Europe, Asia and the Americas, including as
President, Personal Care from 2011 to 2014; President, Americas from 2010 to
2011; and Chairman, United Kingdom and Ireland from 2007 to 2010.

 

Sir Dave has served on the Pepsico Inc. Board since November 2020 and as
Chairman of Xlinks since September 2021. He was appointed to serve as co-chair
of the UK government's Supply Chain Advisory Group in October 2021. He
previously served on the Sky plc Board from 2012 to 2016.

 

Sir Dave also serves on the boards of several non-profit and charitable
organisations, including as Chair of World Wildlife Fund - UK and as a trustee
of Leverhulme Trust, a UK charitable foundation. He was also chair of
Champions 12.3, a UN programme seeking to add momentum to the achievement of
the UN Sustainable Development Target 12.3 by 2030, and co-chair of the
Consumer, Retail and Life Sciences Business Council, which was established to
advise the Prime Minister of the United Kingdom.

 

In recognition of his contribution to business and the food industry in the
United Kingdom, Sir Dave was knighted by Her Majesty Queen Elizabeth II in the
2021 New Year's Honours List.

 

About GSK

GSK is a science-led global healthcare company. For further information please
visit www.gsk.com/about-us (https://www.gsk.com/en-gb/about-us/) .

 

 

 GSK enquiries:
 Media enquiries:             Tim Foley         +44 (0) 20 8047 5502  (London)
                              Dan Smith         +44 (0) 20 8047 5502  (London)
                              Kristen Neese     +1 804 217 8147       (Philadelphia)
                              Kathleen Quinn    +1 202 603 5003       (Washington DC)

 Analyst/Investor enquiries:  Nick Stone        +44 (0) 7717 618834   (London)
                              Sonya Ghobrial    +44 (0) 7392 784784   (Consumer)
                              James Dodwell     +44 (0) 20 8047 2406  (London)
                              Mick Readey       +44 (0) 7990 339653   (London)
                              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, GSK's Q3 2021 Results and
any impacts of the COVID-19 pandemic.

 

Registered in England & Wales:

No. 3888792

 

Registered Office:

980 Great West Road

Brentford, Middlesex

TW8 9GS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFFFIFDLALIL