GSK share price steady as group hires HSBC’s outgoing finance chief

Iain Mackay to take top finance job at blue-chip drugmaker

GSK share price steady as group hires HSBC’s outgoing finance chief

Shares in GlaxoSmithKline (LON:GSK) have climbed into positive territory in today’s session as the blue-chip drugmaker that it had appointed HSBC Holdings’ (LON:HSBA) outgoing finance director Iain Mackay as its next chief financial officer. He is set to join the company early next year.

As of 08:45 BST, GSK’s share price had added 0.61 percent to 1,588.00p, marginally outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.33 percent higher at 7,689.06 points. The group’s shares have added just under four percent to their value over the past year, as compared with about a two-percent gain in the Footsie.

GSK hires HSBC’s Iain Mackay

GSK announced in a statement this morning that it had appointed Iain Mackay as its next chief financial officer, as well as an executive director to its board. Mackay is set to join the blue-chip pharmco on January 14 next year, with the drugmaker’s outgoing CFO Simon Dingemans set to retire in May 2019.

“I’m delighted to welcome Iain to GSK. As a proven CFO of a complex, regulated global organisation, he brings tremendous finance experience and will be a great addition to the team,” the company’s chief executive Emma Walmsley commented in the statement. Mackay will join the group from HSBC, which recently appointed Royal Bank of Scotland Group’s (LON:RBS) outgoing chief financial officer Ewen Stevenson as its new finance director, without, however, confirming  the specific retirement and appointment dates.

Analysts weigh in on appointment

City A.M. quoted analysts at Liberum as commenting that today’s appointment ‘rounds out’ Walmsley’s changes to the top team since her own appointment at the helm of the blue-chip drugmaker in 2016.

“We think Emma Walmsley’s hires have transformed the leadership at GSK and this will be a key component of better, faster decision making particularly in R&D but also across the company,” the broker pointed out.

As of 09:07 BST, Tuesday, 07 August, GlaxoSmithKline plc share price is 1,589.60p.

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