CEO of drugmaker GSK to step down by year's end

LONDON -- GSK Chief Executive Emma Walmsley, the first woman to lead a major pharmaceutical company, will step down Dec.31 after more than eight years at the head of the London-based drugmaker.Walmsley, 56, will be replaced by Luke Miels, currently GSK’s chief commercial officer, the company said in a statement released on Monday.While GSK achieved a number of strategic successes under Walmsley, including the spinoff of the consumer health care business Haleon, it has disappointed investors.

GSK’s shares rose 3.3% to 1534.50 pence in early trading, making it the biggest gainer on the London Stock Exchange.GSK’s shares fell 11% between April 1, 2017, when Walmsley became CEO, and last Friday.Popular ReadsTrump admin live updates: Gov.says 'no need' after Trump directs troops to PortlandSep 28, 1:39 PM4 dead, 8 injured in Michigan church shooting and fire set by gunman: PoliceSep 28, 8:51 PMSniper opens fire on Dallas ICE facility, killing 1 detainee, wounding 2: DHSSep 24, 6:39 PM“Despite the progress, the share price performance has been lackluster,” Derren Nathan, head of equity research at U.K.-based Hargreaves Lansdown,” said in a note to investors.

“Although her record of delivering on financial guidance has been strong, the company’s growth rates remain stuck in single-digit territory.”...