TIDMGSK
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 GBP10 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 GBP700,000 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 .
GSK enquiries:
Media enquiries: Tim Foley +44 (0) 20 8047 (London)
5502
Dan Smith +44 (0) 20 8047 (London)
5502
Kristen Neese +1 804 217 8147 (Philadelphia)
Kathleen Quinn +1 202 603 5003 (Washington
DC)
Analyst/Investor Nick Stone +44 (0) 7717 (London)
enquiries: 618834
Sonya Ghobrial +44 (0) 7392 (Consumer)
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, GSK's Q3 2021 Results and any
impacts of the COVID-19 pandemic.
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