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GlaxoSmithKline will hire Jonathan Symonds, former chief financial officer of rival drug manufacturers AstraZeneca and Novartis, as the new president to oversee the breakup of the British pharmaceutical group.
The appointment of Mr. Symonds, currently HSBC Vice Chairman, will end a six-month search for a replacement for Sir Philip Hampton, non-executive chairman of GSK since 2015.
Mr. Symonds has extensive experience in the pharmaceutical industry. He was chief financial officer at the Swiss Pharmaceutical Group Novartis between 2009 and 2013. He also spent a decade at AstraZeneca until 2007, when he left the US investment bank Goldman Sachs after losing the position of managing director of the British pharmaceutical company.
His appointment at GSK could be announced as early as this week, although it may take several weeks longer, as it requires the approval of the UK banking regulator given its role at HSBC, said one knowledgeable about it.
Mr. Symonds is a major asset in his extensive experience in transforming operations. GSK is preparing to split its consumer division into a joint venture with Pfizer, which will be listed separately on the stock market.
The rest of the society will become an independent pharmaceutical and vaccine company with its own list.
During his tenure at AstraZeneca, Mr. Symonds participated in the acquisition of MedIummune, the organic research and development company. At Novartis, he was part of the team that oversaw the acquisition of Alcon, an eye care company, and his investment in Sandoz, its generic drug division.
At a much earlier stage in his career, he was part of a team involved in the deal to dispose of Zeneca as a separate pharmaceutical company from the former British chemical giant, ICI. Zeneca has finally partnered with Astra of Sweden to form the modern AstraZeneca.
An informed person on the appointment process said that this experience, not only in the life sciences, but also in the banking sector, in the financial markets, made Mr. Symonds an ideal candidate for GSK.
Advanced discussions between GSK and Symonds have been reported for the first time by Sky News.
Investors are likely to welcome the appointment of a player in the life sciences sector. In the past, some have privately expressed their concern that neither the current chief executive, Emma Walmsley, nor the outgoing president, Sir Philip, had any experience in the pharmaceutical industry.
A spokesman for GSK said: "GlaxoSmithKline plc announced in January 2019 that the board had begun the process of finding a successor to Sir Philip Hampton as non-executive chairman. The announcement of the appointment of a new president will be made in due course. "
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