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Former Tesco boss Lewis to chair GSK health spin-off -Breaking

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© Reuters. FILE PHOTO – Dave Lewis, Tesco’s CEO, spoke at the British Chamber of Commerce Annual Conference in London (Britain), March 28, 2019. REUTERS/Peter Nicholls

LONDON (Reuters), -GlaxoSmithKline named Dave Lewis, former CEO of Tesco (OTC) in Monday’s non-executive position for a Consumer Healthcare business that was created by a GSK acquisition. The company will operate from 2022 to create a demerged GSK.

According to the announcement, Lewis would be appointed effective Jan. 1.

GSK, subject to shareholder approval in June, outlined a plan to seperate its Consumer Healthcare division by means of a demerger that would give shareholders at least 80% of the holdings in 2022. It generates an average annual revenue of 10 billion pounds (13.2 billion).

Soon after Lewis joined Tesco, an accounting scandal cost millions and drove billions off the company’s share price.

After declaring Tesco’s turnaround complete and its market leadership position being reinforced, he resigned in October 2020. This year, he was elevated to the rank of Ennobled.

Lewis came from Unilever, a consumer goods company (NYSE:), where he was known as “Drastic Dave”. He had been credited with fixing companies through innovative marketing and cost reduction.

He was also a member of Sky’s board and currently serves as a director at PepsiCo, (NASDAQ:).

Lewis was appointed the UK government’s supply chains adviser in October. He is responsible for fixing the supply issues that have affected the British economy.

GSK named Brian McNamara, the CEO Designate for its new Consumer Healthcare business in July.

($1 = 0.7569 pounds)

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