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GSK appoints Emma Walmsley as Sir Andrew Witty's successor

GSK's new boss moves to revive R&D 'commercial rigour'

GlaxoSmithKline (Amsterdam: GO8.AS - news) (GSK) says the leader of its consumer healthcare division, Emma Walmsley, will take over the business when Sir Andrew Witty retires.

The FTSE 100 pharma firm said she would join the board from 1 January before taking over as chief executive when Sir Andrew, who has been at the helm since 2008, steps aside on 31 March.

It will mean 47-year old Walmsley becoming the first woman to lead one of the world's biggest drug firms.

The appointment will also result in seven FTSE 100 firms being led by women when she assumes control of the business.

The others are: easyJet's Carolyn McCall, Kingfisher (Frankfurt: 812861 - news) 's Veronique Laury, Alison Cooper of Imperial Brands (LSE: IMB.L - news) , Liv Garfield of Severn Trent (Other OTC: STRNY - news) , Whitbread (Frankfurt: WHF4.F - news) 's Alison Brittain and Moya Greene of Royal Mail (LSE: RMG.L - news) .

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GSK currently has the largest market value of all of them - at £80bn. Its shares closed little changed following the announcement.

The drug-maker launched its search for a new boss in March after 52 year old Sir Andrew indicated he wished to retire following 25 years with the business.

GSK said Ms Walmsley's salary was yet to be determined - with Glaxo soon to begin talks with shareholders as part of an overhaul of executive pay.

It emerged earlier this year that Sir Andrew's total pay surged by 71% to £6.7m in 2015 despite falling core earnings and sales.

The awards issue has been championed by the Prime Minister following a number of high profile shareholder rebellions at FTSE 100 firms - with calls for shareholders to get a greater say .

GSK chairman Sir Philip Hampton, who is currently leading a Government review of gender policies at top firms, said: "I am very pleased to announce Emma's appointment, after what has been a very thorough and rigorous global selection process carried out by the GSK board of directors.

"Emma is an outstanding leader with highly valuable experience of building and running major global businesses and a strong track record of delivering growth and driving performance in healthcare.

"Under Andrew's leadership, GSK has successfully developed into a company with market-leading positions in pharmaceuticals, vaccines and consumer healthcare.

"These provide excellent platforms for sustainable, long-term growth, and we are confident Emma will successfully build on these strengths."

Ms Walmsley said: "I am delighted and honoured to be appointed GSK's next CEO.

"GSK is a company that leads both in science and in the way it does business. We have momentum in the group and as the demand for medical innovation and trusted healthcare products continues to rise, we have the opportunity and the potential to create meaningful benefits for patients, consumers and our shareholders."

She (Munich: SOQ.MU - news) has headed GSK's £6bn consumer healthcare arm since it was created in March 2015 as part of a joint venture deal with Novartis (LSE: 0QLR.L - news) .

Ms Walmsley joined the company in 2010 from L'Oreal.