GSK picks ex-Tesco chief Lewis to lead £40bn consumer spin-off

Sir Dave Lewis, the former Tesco chief, will this week be appointed to lead the £40bn separation of GlaxoSmithKline’s (GSK) consumer healthcare arm.

Sky News has learnt that Sir Dave, who became one of Britain’s most respected corporate figures during his six years running Britain’s biggest retailer, has agreed to become non-executive chairman of the arm of GSK which owns brands such as Panadol painkillers and Sensodyne toothpaste.

An announcement about his appointment could come as soon as Monday morning, according to one source.

The recruitment of Sir Dave will be viewed in the City as a major coup for GSK, whose management has been under pressure in recent months from Elliott Advisers, the activist investor.

GSK’s consumer healthcare business, which will be given a new corporate name at a capital markets day in the spring of next year, is one of the largest in the world, with sales last year of £10bn.

It is a joint venture with Pfizer, and was formed in 2019, with GSK owning a 68% stake and the US-based pharmaceuticals group the remainder.

Sir Dave will be charged with assembling a board for the new company, which is expected to attain a premium London listing when it becomes a separately traded company in the summer of 2022.

Since leaving Tesco last year, Sir Dave has joined the board of PepsiCo, the US-based snacks and beverages manufacturer, and become chairman of WWF-UK, the animal conservation charity.

In October, he was asked by Boris Johnson to advise the government on tackling the supply chain crisis, which left a range of industries facing severe stock and raw materials shortages.