Former Tesco boss Lewis to chair GSK health spin-off

GlaxoSmithKline (GSK.L) on Monday named former Tesco (TSCO.L) CEO Dave Lewis as non-executive chair designate of a new Consumer Healthcare company to be created from a proposed demerger from GSK in 2022.

It said Lewis’ appointment would take effect from Jan. 1.

GSK set out a plan in June, subject to shareholder approval, to separate its Consumer Healthcare business by way of a demerger in mid-2022 of at least 80 per cent of its holding to shareholders. The division generates annual sales of more than 10 billion pounds ($13.2 billion).

Tesco was on its knees shortly after Lewis joined in 2014 when an accounting scandal knocked millions of pounds off its profits and billions off its share price.

He left in October 2020, having declared Tesco’s turnaround complete, with its position once again reinforced as the clear market leader among Britain’s supermarkets. He was ennobled earlier this year.

Lewis joined Tesco from consumer goods group Unilever (ULVR.L) where he was nicknamed “Drastic Dave” after fixing businesses through cost cutting and innovative marketing.

He has also served on the board of Sky and is currently a director of PepsiCo (PEP.O).

Since October, Lewis has been the UK government’s supply chain adviser, tasked with fixing supply issues which have hit the British economy.

In July, GSK appointed Brian McNamara as CEO designate of the new Consumer Healthcare company.