23rd Sep 2021 06:58
(Alliance News) - Activist investor Bluebell Capital Partners has bought a stake in GlaxoSmithKline PLC and criticised Chief Executive Officer Emma Walmsley, Bloomberg reported on Wednesday.
In a letter seen by the news outlet, Bluebell called for a "thorough and robust process to identify the best (internal or external) candidate" to lead the company after it spins off its consumer division to focus on pharmaceuticals.
"The lack of Walmsley's industry knowledge was also very evident during the latest investor update," the letter said, echoing criticism from Elliott Investment Management.
In July, Elliott called for pharmaceutical experts to pick the "right leadership" for GSK after the spinoff - a coded attack on Walmsley, whose background is in consumer products.
That led GSK to release a statement saying Walmsley is the right leader for after the spinoff.
London-based Bluebell's stake in GSK is only worth about GBP10 million, Bloomberg said, citing a person familiar with the situation. GSK has a market capitalisation of GBP71.90 billion.
By Ivan Edwards; [email protected]
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