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  "documentTitle": "Elliott Management GSK Letter July 2021",
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  "presentationDate": "2021-07-01 00:00:00",
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  "notes": "The slide highlights a 'credibility gap' and proposes leadership changes as a path forward.",
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      "text": "On a scale of 1-10 (10 being very high quality) please assign a score on quality of management team",
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      "text": "Source: Sell-side broker survey of investors (Feb 2021; n=64)",
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      "kind": "paragraph",
      "text": "A recent broker-conducted survey of investors demonstrates the credibility gap: GSK's management team was voted investors' least favourite amongst a group of 11 large pharma companies",
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      "text": "The Investor Update was an important step in the right direction; it succeeded in removing some key overhangs surrounding GSK and setting some expectations for New GSK's potential. However, the Investor Update was not sufficient to resolve GSK's credibility challenges. Years of historical mis-execution will not be remedied easily, yet despite the currently weak sentiment, we believe that GSK has the ability to restore the market's trust in the critical year ahead. In its assessment of GSK's path forward, we urge the Board to prioritise rebuilding the Company's credibility and strengthening its ambition for the benefit of all stakeholders, while ensuring shareholder value creation remains a key driver of its initiatives. While the below list of recommendations is not exhaustive, we believe that these actions would bring GSK closer to fulfilling its potential and restoring investor confidence.",
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      "text": "While we understand the causes of such weak sentiment, we have conviction that GSK's future is much brighter than what its market valuation currently implies. In order to bridge the gap between GSK's fundamental prospects and the current lack of credibility, the Board must take decisive action.",
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      "text": "In prior years, GSK has operated as a conglomerate with multiple distinct divisions. GSK's management and Board deserve credit for its recognition that CH and New GSK no longer fit under the same roof. However, following the Investor Update, shareholders still lack clarity on the plan and structure for leadership at each of New GSK and CH. We submit that the Board must",
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      "text": "The Path Forward",
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      "text": "Recommendation 1: Ensure the right leadership through the right process",
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