GlaxoSmithKline appoints Iain Mackay to new CFO role

GlaxoSmithKline plc (GSK) has announced that HSBC Chief Financial Officer, Iain Mackay, will join the business in the same capacity. MacKay will also become an Executive Director to the GSK Board in January 2019, and will take over from present CFO, Simon Dingemans.

A chartered accountant, Mackay has worked in Asia, the US and Europe and before HSBC was at General Electric, Schlumberger Dowell and Price Waterhouse. He is a trustee of the British Heart Foundation and a member of the Court of the University of Aberdeen.

Emma Walmsley, Chief Executive Officer, GSK said: “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. He is a strong leader with a track record of driving cost, cash and capital allocation discipline to deliver strategy.

“These capabilities will be vital as we continue to implement our Innovation, Performance and Trust priorities for the benefit of patients and shareholders.”

Simon Dingemans will continue to be accountable as CFO for GSK’s financial governance through March 2019, where a transition period will enable Mackay to become CFO Designate during this time. He will formally take the reins in April 2019.  

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In this new role, Mackay is set to receive a base salary of £850,000, which could be increased further through a performance bonus, The Herald has reported.

This year has been eventful for the business with regards to new partnerships and a changing management structure. Spending approximately $13bn to regain control of its consumer healthcare unit, following on from a partnership with pharmaceutical giant Novartis, the business has also transformed its senior leadership team to enhance productivity and efficiency across its operations.

In his new role, Mackay will seek to look for financial wins, taking a deep dive into GSK’s research and development spend as part of its cost saving programme, whilst ensuring the business remains able to maintain momentum in the development of new and existing drugs.

GSK has recently released its Q2 figures, reporting a net income of £441mn, an increase from a loss of £86mn at the end of the prior-year period, as well as £7.3bn in group sales.

The company is also placing significant investment within the field of genetics, with a new four-year partnership with consumer genetics company 23andMe. The two companies will use 23andMe's database to fuel drug target discovery, with the goal of jointly discovering novel targets that can progress into development.