GSK announces appointments to designate Haleon Board

GlaxoSmithKline (GSK) yesterday announced the appointment of six directors to designate the Board of Haleon, the new independent company to be formed following the demerger of the GSK Consumer Healthcare business, expected in July 2022, according to a company statement.

The statement said that Haleon will be a new global-leading company in consumer health, and is strongly positioned to deliver better everyday health, sustainable above-market growth and attractive returns to shareholders.

The new Board appointments follow the appointment of Sir Dave Lewis as Chair Designate in December 2021 and represent further progress to create a new, qualified Board for Haleon with the appropriate mix of skills, experience, diversity and continuity. The appointments include the transition of two GSK Non-Executive Directors and three new external appointees. In addition, it is also confirmed that Tobias Hestler, CFO Designate, Haleon, will join Brian McNamara, CEO Designate, Haleon, on the Board as an Executive Director, added the statement.

The statement mentioned that Manvinder Singh (Vindi) Banga will become Senior Independent Non-Executive Director. He is currently Senior Independent Non-Executive Director of GSK. Tracy Clarke will become an independent Non-Executive Director and Chair of the Remuneration Committee. Dame Vivienne Cox will become an independent Non-Executive Director. Deirdre Mahlan will become an independent Non-Executive Director and Chair of the Audit and Risk Committee. John Young has been nominated as a Non-Executive Director by Pfizer as one of its two appointees. He is currently a Director of the GSK/Pfizer Consumer Healthcare Joint Venture company. Tobias Hestler, CFO Designate, Haleon, will become an Executive Director.

Dave Lewis, Chair Designate, Haleon, said in the statement, “We are delighted to be welcoming Vindi, Tracy, Vivienne, Deirdre and John as Non-Executive Directors to the future Board of Haleon. Together, they bring considerable Board experience to support Haleon as a publicly-listed company. They will also add in-depth understanding of the global consumer sector, with particular experience operating in the US, China, India and Europe. This is a significant step forward in creating the Haleon Board. We will look to add three more directors in due course. Two will be non-executives with relevant innovation and Asia experience and the third will be an additional non-executive nominated by Pfizer. It is an exciting time for everyone at Haleon and I look forward to working with new board colleagues to support Brian and his team to unleash the potential of this unique business.”

As previously stated, and building on recent non-executive appointments, further appointments to the GSK Board are also expected prior to the demerger. These appointments will reflect the appropriate skills and experience required for GSK’s new status as a focussed biopharmaceutical company, noted the statement.

The separation of GSK Consumer Healthcare, to form Haleon, is subject to approval from shareholders and will be by way of a demerger of at least 80 per cent of GSK’s 68 per cent holding in the Consumer Healthcare business to GSK shareholders (the Consumer Healthcare business is a Joint Venture between GSK and Pfizer, with GSK holding a majority controlling interest if 68 per cent and Pfizer holding 32 per cent), the statement concluded.