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Riled investors look for big changes at GSK
The natives are restless and ready for a butchering. Inspired by lackluster stock performance, GlaxoSmithKline's institutional shareholders are demanding big changes--perhaps even a break-up of the company-- according to London newspapers.
The investors aren't happy about the company's performance since a 2000 merger between Glaxo and SmithKline, and they're questioning whether the enormous company is nimble enough to develop new medicines. They want Glaxo Chairman Sir Christopher Gent to choose a radical successor to CEO Jean-Pierre Garnier, who's set to retire in May 2008--and for that successor to consider any and all options to streamline and overhaul the company.
A big source of fuel for the investors' fire has to be a report released by Citigroup earlier this year, which suggested breaking up Glaxo could return some $20 billion to shareholders.
- read the article on GSK from The Guardian
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