GlaxoSmithKline (GSK) has confirmed that Brian McNamara will stay in his role as head of its Consumer Healthcare business when it is spun off and listed in its own right next year.
As outlined last month, subject to approval from shareholders, the Consumer Healthcare unit (a JV between GSK and Pfizer) will be separated by way of a demerger in mid-2022 of at least 80% of GSK’s holding to shareholders. The remaining 20% will be sold off over time to raise funds.
The new Consumer Healthcare company is then expected to attain a listing on the London Stock Exchange with McNamara still leading the business as CEO.
The standalone firm will have a global product portfolio which generated annual sales of more than £10bn in 2020. Its brands include Sensodyne, Voltaren, Panadol and Centrum.
McNamara joined GSK from Novartis in 2015, where he was head of the Over the Counter (OTC) division.
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.”
McNamara added: “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.”
Alongside the announcement, GSK confirmed that it was also preparing to choose a separate Chairman and Board for the Consumer Healthcare business when it separates.
GSK has recently faced pressure from activist investor Elliott Advisors to instead consider an outright sale of its Consumer Healthcare division and make changes to the group’s management board.
