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Former Tesco CEO Sir Dave Lewis has been named chairman of GlaxoSmithKline’s new consumer healthcare team, which is on the verge of being fired from his newborn company.
The division, which generates about $ 10bn in annual sales, announces Lewis’s decision as the company’s non-executive chairman on Monday, according to people familiar with the matter.
GSK announced in 2018 that it will remove its toothpaste component to vitamins to focus more on “successful treatment” and has been pressured by investors such as US hedge fund Elliott Management strengthening its pharma pipeline.
The UK-based manufacturer has made its consumer turnover over the past six years, establishing a partnership with Novartis and then Pfizer and adding products such as Panadol painkillers and Caltrate supplements.
GSK did not respond to a request for comment on Lewis’ appointment, but one company expert said he would become “a global employer” based on his experience at Tesco and at other companies.
When Lewis took over from Tesco in 2014, he inherited the company of a company that was at risk of accounting for a fine that resulted in a fine and a return of hundreds of millions of pounds. Lewis, a former member of Unilever’s consumer group, is known to have also made a profit at Tesco.
Since starting at Tesco, Lewis has joined the boards of US liquor company PepsiCo and powerlifting Xlinks. His appointment at GSK was first reported by Sky News.
His first job in the GSK consumer health sector will be to assemble the board and prepare the company for the expected list in London, which could make it one of the top 20 companies in the FTSE.
One of the key issues in the stand-alone sector will be the pharmaceutical transformation business, which includes prescription drugs such as Panadol painkillers, Theraflu flu and flu medications and Otrivin decongestant.
Additional reports by Hannah Kuchler
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