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GSK appoint HSBC director Iain Mackay as new CFO

Published on: 07/08/18

British pharma giant GlaxoSmithKline have appointed HSBC Group Finance Director, Iain Mackay, as its new Chief Financial Officer.

The move has come as CEO Emma Walmsley reshapes the multinational firm’s executive team. The Admiral’s daughter has led a major overhaul of the multibillion pound drug maker having replaced 50 of 125 senior managers since succeeding Sir Andrew Witty in 2017.

Mackay, 56, will leave his role at the end of  the year in preparation for his new role which will begin in January 2019. Mackay is set to succeed former Goldman Sachs investment banker Simon Dingemans who will retire from his role in March of next year.

Having graduated from the University of Aberdeen, Iain Mackay, took on roles at General Electric, Schlumberger Dowell and Price Waterhouse before adopting his current role at HSBC.

Emma Walmsley, Chief Executive Officer, GSK commented: “I’m delighted to welcome Iain to GSK. As a proven CFO of a complex, regulated global organisation, he brings tremendous finance experience and will be a great addition to the team. He is a strong leader with a track record of driving cost, cash and capital allocation discipline to deliver strategy. These capabilities will be vital as we continue to implement our Innovation, Performance and Trust priorities for the benefit of patients and shareholders.

Mackay will earn a base salary of £850,000 each year, however this will be supplemented by a series of bonuses and share packages that are expected to increase his overall compensation significantly.

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