GSK, the largest British pharmaceutical company, recruits new CFO at HSBC bank

GSK, the largest British pharmaceutical company, recruits new CFO at HSBC bank -  

The hiring of Iain Mackay has already been announced by GSK, whose chief executive officer Emma Walmsley considers "a strong leader with a track record of human resources manager, and has the discipline to offer GSK's strategy."

GlaxoSmithKline (GSK) chose Iain Mackay, 56, of HSBC to fill the position of Chief Financial Officer following a top management reshuffle plan by the chief executive of Britain's largest pharmaceutical company Emma Walmsley.

Mackay will leave HSBC later this year to join GSK on January 14, 2019, the company said on Tuesday.

Even though he joins GSK in January, Iain Mackay will only take up the position of CFO in April. In the first four months of 2019, British pharmaceutical chief Simon Dingemans is expected to prepare for his succession and to present financial results for 2018.

The exit of Dingemans, in turn, is justified by the fact that the former manager of Goldman Sachs, who joined GSK in 2011, retired after March 2019.

According to Reuters, Dingemans will not receive any compensation for years of service at the drugstore (2011-2019) and Mackay also does not receive any monetary award for its arrival.

Mackay's hiring is the latest step by the CEO of GSK to take the lead in the pharmaceutical industry. Walmsley took over as chairman of the company in April 2017, aiming to increase sales and improve productivity rates.

Meanwhile, the manager's strategy has already changed director of pharmaceuticals, director of pharmaceutical research and head of digital operations.

 

"A strong leader"

Mackay's hiring can be viewed strangely since he is a banking specialist, although he has worked for General Electric and PwC and has a ticket to the British Heart Foundation as an administrator.

"[Mackay] is a strong leader with a track record of human resources manager, and has the discipline to offer the GSK strategy. These capabilities are vital as we continue to prioritize innovation, performance and confidence for the benefit of customers and shareholders, "said Emma Walmsley.

For Walmsley, Iain Mackay will bring experience to the fianceiro department in a global organization that operates in a "highly regulated" industry.

At HSBC, the manager will be replaced by Ewen Stevenson, the current CFO of Royal Bank of Scotland.

 

 

Source: "Economic" Journal website and author on August 08, 2018.