Pharmaceutical firm GSK PLC hired the finance chief of British luxury fashion group Burberry Group PLC to lead its finances as it works to develop new medicines after the recent spinoff of its consumer-health business.
Brentford, U.K.-based GSK, a maker of cancer and asthma medications, on Monday named Julie Brown as chief financial officer and executive director, effective next spring. She is set to join the company in April 2023 to transition into the role on May 1, the company said. Ms. Brown is set to succeed Iain Mackay, who joined the company as CFO designate in January 2019 and was named finance chief that April.
Mr. Mackay plans to step down as CFO in May. He is retiring from the company, according to GSK, which was renamed in May from GlaxoSmithKline PLC.
Ms. Brown serves as chief operating and financial officer at Burberry, a role she has held since 2017. She was previously group finance chief at medical equipment manufacturer Smith & Nephew PLC for four years. Before that, she held various leadership roles at GSK rival AstraZeneca PLC over the course of 25 years, ultimately serving as interim group CFO.
“Julie is a highly experienced CFO with a tremendous understanding of the biopharma sector,” Emma Walmsley, chief executive officer at GSK, said in a release. GSK declined to comment beyond its statement.
Burberry on Friday said a search is under way for the successor of Ms. Brown. The company didn’t immediately respond for a comment.
GSK in July completed the $36 billion spinoff of its consumer-healthcare business, which was formed by combining its own consumer-health business alongside those of pharmaceutical companies Novartis AG and Pfizer Inc., starting in 2015. Spinning off the business, now called Haleon PLC, allows GSK to focus more on developing new medicines as well as deal making, the company said. Ms. Walmsley, who took over as CEO in April 2017, has focused on boosting growth, replacing most of the company’s top management and increasing research spending.
GSK in July reported revenue of £6.93 billion for the quarter ended June 30, equivalent to roughly $7.37 billion, up from £5.84 billion from the prior-year period, driven by strong sales in specialty and general medicines and vaccines. Operating profit fell to £1.08 billion from £1.28 billion a year earlier, in part due to remeasurement charges for certain liabilities, the company said.
In her new role, Ms. Brown will receive a yearly base salary of £915,335 alongside an annual bonus with a target value of 100% of her annual pay, GSK said Monday. Additionally, she will receive a long term incentive award valued at £1.83 million.
Write to Jennifer Williams-Alvarez at [email protected] and Mark Maurer at [email protected]
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