Elliott’s Call for Leadership Change Steps Up Glaxo Pressure (3)

Elliott Investment Management urged GlaxoSmithKline Plc to beef up the pharma expertise in its top ranks, calling into question Chief Executive Officer Emma Walmsley’s leadership of the U.K. drugmaker.

In a letter published Thursday, Elliott described Glaxo as a firm with “a poor record of operational execution and value creation, leading to skepticism about the company’s future and an under-appreciation of its true potential.” It was the hedge fund’s first public comment since amassing a stake in Glaxo.

Glaxo should consider offers to sell its consumer-health business rather than spin it off and recruit board members with more industry ...