Complete News World

Will he lose his last job?

Will he lose his last job?

Urs Rohner relinquished all the states at Credit Suisse. Now it’s no longer firmly in the saddle of pharmaceutical company GlaxoSmithKline: Notorious hedge fund Elliott is calling for changes to the board of directors there.

The board of directors of the British pharmaceutical company GlaxoSmithKline (GSK) is Urs Runners The only mandate left after taking over the presidency of Credit Suisse (CS) at the end of April to the Portuguese Antonio Horta Osorio Passed.

But now the GSK website is also wobbly. US hedge fund Elliott Management wrote in a letter He called for the reorganization of the board of directors and the election of members with the best pharmaceutical and scientific expertise.

Elliott Management did not mention any of GSK’s directors or board members in the letter. But Elliott implicitly asks in the letter if he’s the CEO Emma Walmsley The current GSK Board of Directors are the right people to carry out the cross-sections of the Consumer Health Division.

‘Years of careless management’

The hedge fund, which has created a “significant stake” in GSK in recent months, welcomes the plan. But at the same time he criticizes “years of reckless management” at GSK. Walmsley, the former director of cosmetics company L’Oreal, has served as CEO of GSK since 2017. During this period, GSK stock underperformed, Elliott wrote in the 17-page letter addressed to the company’s president. Sir Jonathan Symonds.

Rohner joined GSK-VR in 2015, which was criticized by CS shareholders. The Swiss pension fund, Ethos, in particular was furious about accepting the mandate. As if Rohner was the full-time president of a big, troubled bank – 2015 saw a CEO changeover and a new strategic direction. Thiam crowns – You don’t have enough to do already.

modest fees

As usual, Rohner did not deter criticism and held on to the mandate. Recently, he chaired the salary committee and had to explain the compensation to GSK management. His tenure at GSK was rewarded relatively modestly with £147,000.

As head of CS, he earned 4.5 million francs. Due to constant criticism of CS’s performance in recent years, he often waived his chair fee of 1.5 million francs. In his final year as president of CS, the 60-year-old attorney earned CHF4.7 million.

How should Switzerland come to terms with its failed framework agreement with the European Union?

  • A new proposal for a framework agreement with the European Union is needed.

  • Existing bilateral agreements must continue to be enforced.

  • Switzerland has to conclude agreements with the European Union in some areas.

  • Switzerland should distance itself from the European Union.

  • Switzerland should develop closer relations with other countries.