GSK share price: HSBC’s outgoing finance director in talks to join drugmaker

Iain Mackay leads race for top finance job at blue-chip pharmco

GSK share price: HSBC’s outgoing finance director in talks to join drugmaker

HSBC Holdings’ (LON:HSBA) outgoing finance director Iain Mackay is in talks to take the top finance job at GlaxoSmithKline (LON:GSK), Sky News has revealed. The blue-chip drugmaker’s finance chief Simon Dingemans has unveiled plans to step down from the company next year, while Europe’s biggest lender recently appointed  Royal Bank of Scotland Group’s (LON:RBS) outgoing chief financial officer Ewen Stevenson to succeed Mackay as its finance director, with the specific retirement and appointment dates to be confirmed in due course.

GSK’s share price has climbed into positive territory this morning, having added 0.28 percent to 1,557.80p as of 10:31 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index having slipped into the red and currently standing 0.31 percent lower at 7,677.63 points. HSBC’s share price meanwhile is 0.59 percent worse off at 723.50p.

HSBC outgoing finance chief in talks with GSK

Sky News reported on Friday that Iain Mackay, whose exit from HSBC was announced last month, had emerged as the leading external candidate to become GSK’s new chief financial officer. Sources with knowledge of the matter told the newswire that he had been in discussions with the pharmco’s boss Emma Walmsley and the group’s chairman Sir Philip Hampton for several weeks.

Mackay is reportedly facing competition for the GSK role from David Redfern, the company’s chief strategy officer. Sky News noted that while an appointment was expected to be made later this year, sources had suggested that it was not imminent.

Analysts on blue-chip drugmaker

UBS reaffirmed GSK as a ‘buy’ today, lifting its price target on the shares from 1,600p to 1,700p. According to MarketBeat, the blue-chip drugmaker currently has a consensus ‘hold’ rating and an average price target of 1,521.16p.

As of 10:48 BST, Monday, 30 July, GlaxoSmithKline plc share price is 1,555.80p.

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