Astrazeneca boss backs embattled GSK chief Walmsley
The boss of drugs giant Astrazeneca has given his backing to Emma Walmsley, the chief executive of rival Glaxosmithkline (GSK), as she comes under pressure from investment firms.
Walmsley is in the process of transforming the FTSE 100 firm by spinning off its consumer healthcare division into a separate firm.
Her leadership has come under criticism from activist investor Elliott Management, which has called for her removal.
Speaking to the Daily Mail, Astrazeneca chief executive Pascal Soriot said that Walmsley should stick to her guns.
“If you are challenged by another company, the key is to have a good plan and stick to it and implement”, he said.
Last month Elliott Management wrote to GSK’s chair Sir Jonathan Symonds demanding that the company appoint directors with “deep biopharma and consumer healthcare expertise”.
But Soriot, who was at the helm of Astrazeneca when the firm fended off a bid from US pharma giant Pfizer, rubbished the suggestion that Walmsley was not fit to lead the firm.
“You don’t necessarily need to be a scientist. Over the years, very smart people will gain the knowledge and will be able to be fluent in discussions with scientists.”
He also called on boards to put up a stronger defence against corporate raiders after a surge in takeovers of listed firms.
“Senior non-executives seem not to have stood up”, he said.