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GlaxoSmithKline has appointed former Tesco chief executive Sir Dave Lewis to oversee its consumer products division once it is split from the main pharmaceutical company, it announced on Monday.
Lewis will chair the business, which will make its own way from the middle of 2022 with revenues of about £10bn annually – meaning it will likely join the FTSE 100 when it lists itself on the London Stock Exchange. GSK will give up 80% of the equity to other shareholders, while it focuses on pharma in the hope that investors will appreciate a more targeted business.
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.