An American hedge fund has called on GlaxoSmithKline to consider an overhaul of its board and a sale of its consumer healthcare business.
In an open letter to Sir Jonathan Symonds, the British drugs companys chairman, Elliott Management made a series of demands and criticised years of severe underperformance and under-management.
Ending months of speculation since Elliott first emerged with a significant multibillion-pound stake in April, the investor urged FTSE 100 group to end its long-term operational and share price weakness by taking ambitious and urgent action.
The publication of the letter yesterday comes after GlaxoSmithKline last week held its capital markets day, where it detailed plans to separate its consumer healthcare business from its vaccines and pharmaceuticals divisions, while Dame Emma Walmsley vowed to