GlaxoSmithKline begins search for new ceo to succeed embattled Sir Andrew Witty as investors call for drugs giant to be split up - (Daily Mail via NewsPoints Desk)

  • GlaxoSmithKline's board has initiated the process of identifying a successor for embattled CEO Andrew Witty, Daily Mail reported Monday.
  • Activist hedge fund Och-Ziff Capital Management has urged chairman David Hampton to replace board members.
  • The hedge fund said it is a matter of "when, not if" Witty's tenure will end and called on the company to put a plan together in the coming months.
  • Previously, British investor Neil Woodford has urged GlaxoSmithKline to divest certain units.
  • GlaxoSmithKline, which has posted diminished sales in recent years due to a decline in demand for Advair, hopes new products, such as Breo, Anoro, Incruse and Tivicay, will reverse its fortunes.

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