GlaxoSmithKline has appointed HSBC’s Deputy Group Chairman HSBC’s Jonathan Symonds as its non-executive chairman. Symonds will succeed Philip Hampton, who would step down after this three and a half years stint in the pharma company.
Symonds was also an independent non-executive director at HSBC since April 2014. GSK director Vindi Banga said in a statement, “Jon has exceptional experience in life sciences and in the financial management and governance of major, global companies.”
According to media reports, Symonds would receive annual remuneration of £700,000 which includes cash worth £525,000 and the remainder will be in the form of company shares.
Symonds is the former chief of GlaxoSmithKline’s rivals Novartis and AstraZeneca. Hampton is the former chairman of chairman of Royal Bank of Scotland and J Sainsbury prior to his stint at the pharma company.
GlaxoSmithKline’s consolidated net profits increased 35.04 percent in the second quarter this year. Its planned merger with Pfizer was granted approval from a South African regulator earlier this month.
The regulator said that the deal might not reduce competition, however. For Pfizer, local pharmaceuticals manufacturers might be affected. In order to address those concerns, South Africa’s Competition Commission has suggested that both parties should continue to use Specpharm services for three years. Specpharm is a fully owned South African pharmaceutical company involved with manufacturing and packaging.
GlaxoSmithKline has sold eight to ten tail-end brands including its Vitamin C brand Celin and anti-infective brand Septran in the financial year 2018-19. The company in its annual report said “We optimised our product portfolio, identifying key brands behind which we put resources to actively promote.”