GSK plc (GSK)
Formerly known as GlaxoSmithKline, GSK plc is a multinational pharmaceutical and biotechnology company headquartered in Brentford, UK.
On September 26, 2022, GSK announced that Iain Mackay, the company’s Chief Financial Officer will be stepping down as CFO and as an Executive Director of the Board in May 2023. Mackay had announced his retirement after GSK spun off its consumer health business, Haleon, in July. He held a number of jobs at Price Waterhouse, General Electric, and Schlumberger Dowell in addition to his eight years as global finance director at HSBC. After serving as GSK’s finance chief for nearly four years, Mackay, 60, will retire next year.
GSK appointed fashion brand Burberry’s Julie Brown to be its first female Chief Financial Officer. Brown’s hiring establishes a rare, all-female senior management team with Emma Walmsley serving as GSK’s CEO. Julie Brown served as CFO of Smith & Nephew before joining Burberry, and also worked for 25 years at AstraZeneca and held a role as non-executive director for Switzerland’s Roche Holding AG.
H.B. Fuller Company (FUL)
Founded in 1887, H.B. Fuller Company is a producer of industrial adhesives.
On September 26, 2022, H.B. Fuller announced that Executive Vice President and Chief Operating Officer Celeste Mastin will take over from Jim Owens as H.B. Fuller’s President and Chief Executive Officer on December 4, 2022. Owens will be stepping down on December 4, 2022 after 12 years in that position. He has led the company to a 242% overall return on its stock.
Lee Mitau, Chairman of the Board said “Under Jim’s leadership, the Company has tripled in both revenue and market value as the Company shifted its portfolio towards more highly specified, higher growth market segments, such as electronics, solar, and electric vehicles. There is no question the Company will continue to benefit from Jim’s indelible contributions as CEO.”
Prior to joining H.B. Fuller, Celeste Mastin worked for PetroChoice Lubrication Solutions from 2018 to 2022 as the company’s Chief Executive Officer and a board member. Mastin began her career at Shell Chemical and currently serves on the board of directors of Granite Construction (GVA).
Welcome to edition 8 of C-Suite Transitions, a new weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.
You can find all the appointments and departures listed below in our C-Suite Transitions tool.
Appointments
1. Marsh & McLennan Companies (MMC): $52.36
On September 23, 2022, the Board named John Q. Doyle, currently the Company’s Group President and Chief Operating Officer, as Glaser’s successor and he will become President and Chief Executive Officer, effective January 1, 2023.
| MarketCap: $74.44B | Avg. Daily Volume (30 days): 1,452,049 | Revenue (TTM): $20.65B |
| Net Income Margin (TTM): 16.36% | ROE (TTM): 32.23 | Net Debt: $12.73B |
| P/E: 22.53 | Forward P/E: 20.33 | EV/EBIDTA (TTM): 15.34 |
| P/S (TTM): 3.74 | P/B (TTM): 7.06 | 52 Week Range: $141.81 – $182.45 |
2. Charter Communications (CHTR): $321.08
On September 21, 2022, Charter Communications, announced the appointment of Christopher L. Winfrey as President and Chief Executive Officer of the company, effective December 1, 2022.
| MarketCap: $55.59B | Avg. Daily Volume (30 days): 1,576,419 | Revenue (TTM): $53.16B |
| Net Income Margin (TTM): 10.35% | ROE (TTM): 33.71% | Net Debt: $92.17B |
| P/E: 9.89 | Forward P/E: 7.87 | EV/EBIDTA (TTM): 7.04 |
| P/S (TTM): 1.07 | P/B (TTM): 5.23 | 52 Week Range: $305.31 – $753.69 |
3. GSK plc (GSK): $29.46
On September 26, 2022, GSK plc (GSK) announced that Julie Brown, currently Chief Operating and Financial Officer, Burberry Group plc, as successor to Iain. Julie will join GSK in April 2023 and will work with Iain to transition responsibilities, taking responsibility as CFO and as an Executive Director of GSK on 1 May 2023.
| MarketCap: $57.95B | Avg. Daily Volume (30 days): 6,909,244 | Revenue (TTM): $45.33B |
| Net Income Margin (TTM): 12.24 | ROE (TTM): 24.71 | Net Debt: $11.34B |
| P/E: 10.29 | Forward P/E: 9.34 | EV/EBIDTA (TTM): 6.01 |
| P/S (TTM): 1.45 | P/B (TTM): 3.30 | 52 Week Range: $28.47 – $57.59 |
4. American Electric Power Company (AEP): $93.56
On September 22, 2022, American Electric Power Company announced that Greg B. Hall has been elected by the company’s Board of Directors Executive Vice President and Chief Commercial Officer of the Company effective September 22, 2022.
Hall has been Executive Vice President – Energy Supply of the Company since 2021, served as President and Chief Operating Officer of AEP Energy from 2017 to 2021, and served as Vice President of certain non-regulated subsidiaries of the Company from 2014 to 2017.
| MarketCap: $47.71B | Avg. Daily Volume (30 days): 2,696,288 | Revenue (TTM): $17.92B |
| Net Income Margin (TTM): 14.37% | ROE (TTM): 11.21% | Net Debt: $37.23B |
| P/E: 18.33 | Forward P/E: 17.54 | EV/EBIDTA (TTM): 12.39 |
| P/S (TTM): 2.63 | P/B (TTM): 1.98 | 52 Week Range: $78.20 – $105.60 |
5. Ecolab (ECL): $148.73
On September 27, 2022, Ecolab Inc. announced that Darrell Brown has been elected to the position of president and chief operating officer effective October 1, 2022.
| MarketCap: $41.05B | Avg. Daily Volume (30 days): 1,241,733 | Revenue (TTM): $13.53B |
| Net Income Margin (TTM): 8.17% | ROE (TTM): 16.19% | Net Debt: $9.18B |
| P/E: 37.59 | Forward P/E: 25.32 | EV/EBIDTA (TTM): 18.38 |
| P/S (TTM): 3.12 | P/B (TTM): 5.88 | 52 Week Range: $142.85 – $236.04 |
Departures
1. Marsh & McLennan Companies (MMC): $52.36
On September 23, 2022, Daniel S. Glaser, informed the Board of Directors of Marsh & McLennan Companies, of his intention to retire as the company’s President and Chief Executive Officer at the end of the year.
| MarketCap: $74.44B | Avg. Daily Volume (30 days): 1,452,049 | Revenue (TTM): $20.65B |
| Net Income Margin (TTM): 16.36% | ROE (TTM): 32.23 | Net Debt: $12.73B |
| P/E: 22.53 | Forward P/E: 20.33 | EV/EBIDTA (TTM): 15.34 |
| P/S (TTM): 3.74 | P/B (TTM): 7.06 | 52 Week Range: $141.81 – $182.45 |
2. Charter Communications (CHTR): $321.08
On September 21, 2022, Charter Communications, announced the transition of Thomas M. Rutledge from his position as Chief Executive Officer of the Company to the position of Executive Chairman of the Company and its Board of Directors effective December 1, 2022.
Rutledge will serve as the Executive Chairman and as a member of the Board until November 30, 2023.
| MarketCap: $55.59B | Avg. Daily Volume (30 days): 1,576,419 | Revenue (TTM): $53.16B |
| Net Income Margin (TTM): 10.35% | ROE (TTM): 33.71% | Net Debt: $92.17B |
| P/E: 9.89 | Forward P/E: 7.87 | EV/EBIDTA (TTM): 7.04 |
| P/S (TTM): 1.07 | P/B (TTM): 5.23 | 52 Week Range: $305.31 – $753.69 |
3. GSK plc (GSK): $29.46
On September 26, 2022, GSK plc announced that Iain Mackay, Chief Financial Officer (CFO), has decided to retire from GSK.
The Board has agreed that he will step down as CFO and as an Executive Director of the Board in May 2023.
| MarketCap: $57.95B | Avg. Daily Volume (30 days): 6,909,244 | Revenue (TTM): $45.33B |
| Net Income Margin (TTM): 12.24 | ROE (TTM): 24.71 | Net Debt: $11.34B |
| P/E: 10.29 | Forward P/E: 9.34 | EV/EBIDTA (TTM): 6.01 |
| P/S (TTM): 1.45 | P/B (TTM): 3.30 | 52 Week Range: $28.47 – $57.59 |
4. American Electric Power Company (AEP): $93.56
On September 22, 2022, the Company announced that effective November 1, 2022, the position of Executive Vice President and Chief Operating Officer will be eliminated, resulting in Lisa M. Barton separating from service with the Company.
| MarketCap: $47.71B | Avg. Daily Volume (30 days): 2,696,288 | Revenue (TTM): $17.92B |
| Net Income Margin (TTM): 14.37% | ROE (TTM): 11.21% | Net Debt: $37.23B |
| P/E: 18.33 | Forward P/E: 17.54 | EV/EBIDTA (TTM): 12.39 |
| P/S (TTM): 2.63 | P/B (TTM): 1.98 | 52 Week Range: $78.20 – $105.60 |
5. Tyson Foods, Inc. (TSN): $68.59
On September 27, 2022, Tyson Foods, announced that the Company’s current Chief Financial Officer, Stewart Glendinning, who has served as the Company’s Executive Vice President and Chief Financial Officer since February 2018, will step down from his duties as Executive Vice President and Chief Financial Officer, effective as of October 2, 2022.
| MarketCap: $24.66B | Avg. Daily Volume (30 days): 2,078,329 | Revenue (TTM): $52.36B |
| Net Income Margin (TTM): 7.75% | ROE (TTM): 22.50% | Net Debt: $7.26B |
| P/E: 6.16 | Forward P/E: 8.95 | EV/EBIDTA (TTM): 4.50 |
| P/S (TTM): 0.48 | P/B (TTM): 1.27 | 52 Week Range: $67.96 – $99.62 |
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