GSK backs CEO amid investor backlash

2 July 2021

Elliott Management has been highly critical of management at GlaxoSmithKline (LSE: GSK), complaining in a letter that the UK pharma company has under-performed in recent years.

The hedge fund has published the letter in protest at the running of GSK, in which it is a major shareholder.

"GSK has an opportunity to generate up to 45% upside in its share price in the lead-up to its full separation, and much more in the years beyond"Publication of the letter follows GSK’s investor day last week, when management sought to reassure shareholders about the future of what it is calling the 'New GSK', following the planned demerger in mid-2022 of its Consumer Healthcare business.

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