New consumer health giant to stick with CEO after GSK spinout

GlaxoSmithKline (LSE: GSK) has confirmed the current head of its consumer health joint venture (JV) will continue as chief executive once the unit is spun out into a standalone business.

The British drug major agreed with US giant Pfizer (NYSE: PFE) in 2018 to create the JV by combining their consumer health divisions, with the New York-based firm retaining a 32% equity stake.

The merger was the first step toward creating a separate UK-listed consumer health company, with annual revenues of approximately £10 billion ($13.7 billion).