PHARMACEUTICALS giant GlaxoSmithKline is under fire from investors after elevating the head of its consumer healthcare arm to the position of overall chief executive, according to The Sunday Telegraph.
Some big shareholders in the FTSE 100 company are reportedly unhappy that Emma Walmsley, who was handed the top job last week, was promoted from within the business.
The newspaper said that some investors would rather have seen an external candidate because they believe Ms Walmsley is unlikely to deviate from the strategy laid out by her predecessor, Sir Andrew Witty.
Ms Walmsley also featured in The Sunday Times, which reported that while she is seen as a contentious choice to run the business due to having no scientific qualifications, her appointment was down to her strong leadership skills.
The Mail on Sunday reported that former high street chain BHS is to launch as an online retailer this week, five months after the original company collapsed.
The newspaper said that the online shop is being launched by the brand’s new owner, the Qatar-based Al Mana Group, with the intention of selling a range of home furnishings and fashions in the run up to the busy Christmas period.
It reported that the 1.2 million customers previously signed up for BHS’s online business would be automatically registered with the new service.
Tesco’s pension deficit has doubled to more than £5bn in the past year, according to a report in The Sunday Telegraph, meaning the supermarket giant is unlikely to be able to reintroduce dividend payments for shareholders.
The report noted that Tesco’s pension scheme is one of the largest in the UK, with 350,000 members, including 203,000 active members of staff.
It said that Tesco currently pays £270m a year to fund its pension shortfall, with that figure expected to rise when the scheme undergoes its triennial valuation next year.
“Tesco is not facing a short-term problem, but a long-term balance sheet problem due to its hefty pension obligation,” Andrew Gwynn, an equity analyst at Exane was quoted as saying.
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