GlaxoSmithKline nabs HSBC's Iain Mackay as its next CFO

GlaxoSmithKline announced on Tuesday that Iain Mackay has been appointed its next chief financial officer, and an executive director to its board, with both positions starting on 14 January next year.

The FTSE 100 drugmaker said Mackay was joining it from HSBC, where he had been group finance director for the last eight years.

GSK had announced in May that its existing CFO, Simon Dingemans, was to retire from the firm in May 2019.

The board said chartered accountant Mackay had worked in Asia, the US and Europe, and before HSBC was at General Electric, Schlumberger Dowell and Price Waterhouse.

He is also a trustee of the British Heart Foundation, and a member of the Court of the University of Aberdeen.

“I'm delighted to welcome Iain to GSK,” said chief executive officer Emma Walmsley.

“As a proven CFO of a complex, regulated global organisation, he brings tremendous finance experience and will be a great addition to the team.”

Walmsley said Mackay was a “strong leader” with a 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.”

The company confirmed that Simon Dingemans would continue to be accountable as CFO for GSK's financial governance through March 2019.

There would be a transition period from 14 January, when Mackay becomes CFO-designate, with him taking formal accountability as CFO from 1 April.

Mackay would join the corporate executive team and the board from 14 January.

“On behalf of the board I welcome Iain to GSK,” said chairman Philip Hampton.

“His experience in different sectors and in complex, regulated environments will be valuable to the board, and I look forward to his contributions.”