GSK’s CFO set to retire next year
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GSK’s CFO set to retire next year

Glaxosmithkline (GSK) is set to see yet more change at the top. The pharmaceutical giant is still evolving as CEO Emma Walmsley – who took the reigns just over a year ago, in April 2017 – looks to shuffle her senior team and poach new talent from elsewhere. The latest announcement, however, concerns a resignation: Simon Dingemans, GKS’s chief financial officer, will step down in 2019. The company has committed to an internal and external search to find a replacement.

GSK’s share price has appreciated by 12% year to date

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SOURCE: Yahoo Finance

Dingemans, a former Goldman Sachs investment banker that’s been with GSK for the past seven years, is leaving voluntarily – hence GSK will not be required to make any severance payment. However, his decision to leave will give Walmsley yet more room to put her stamp on the company’s upper echelons. She’s already appointed a new head of pharmaceuticals (Luke Miels), a new head of drug research (Hal Barron), and named Karenann Terrell head of digital operations – an area Reuters describes as “within Dingemans’s orbit.”

Dingemans helped oversee two transformative deals while at GSK, both of which concerned another pharmaceutical titan, Novartis. In 2015, he was involved in a major swapping of assets, and in March of this year, he was instrumental in arranging GSK’s buyout of Novartis from the pair’s healthcare joint venture. In his announcement, Dignemans said he was leaving at a time when the company had formed “strong foundations” to deliver positive financial performance.

In a statement, Emma Walmsley said: “Since joining GSK, Simon has played a very significant role in shaping the company. I am particularly grateful for his support and partnership since I took on the role of CEO and his counsel to me as we defined our new strategy.”

Disclosure

Dominion holds Glaxosmithkline in its Global Trends Managed Fund.


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