Glaxo Wellcome, the world’s biggest pharmaceutical company, is hunting
for a UK-based investor relations director following last year’s pounds
9 billion merger.
The company has briefed management headhunters to produce a shortlist of
appropriate candidates for the job from either agency or in-house
Based in London and reporting to Glaxo Wellcome’s finance director John
Coombe, the new investor relations director will be responsible for
communications with company shareholders around the world.
Geoffrey Potter, Glaxo Wellcome’s corporate communications director,
explained that the search was prompted by the retirement later this year
of Penney Burnett, the firm’s current investor relations director based
in the US.
Although Glaxo Wellcome will replace Burnett in the States, it is
understood that the new post holder there will report to the more senior
director based in London.
‘The objective is to find a seasoned investor relations professional as
soon as possible,’ said Potter. ‘It is a much bigger company now and the
majority of our shareholders are in the UK, so it seems an appropriate
time to replace the investor relations director in the UK.’
The new director will have to tackle one issue that has recently aroused
the concern of investors. Last week two of Glaxo Wellcome’s
institutional shareholders, Jupiter Asset Management and Gartmore,
protested to the company over its decision to reject Aztec, an anti-Aids
drug developed by a small American company with funding provided by