GlaxoSmithKline CEO to advise fund

The outgoing chief executive officer (CEO) of GlaxoSmithKline is to join the advisory board of a sovereign wealth fund.

Jean-Pierre Garnier took on the role of CEO with the pharmaceutical giant in 2001, when SmithKline Beecham and Glaxo Wellcome merged.

Now, the Independent reports he is to join Dubai International Capital (DIC), a $13 billion (?6.3 billion) sovereign wealth fund.

Dr Garnier will be one of three outside members on the board, which is to advise on the new $2 billion Global Strategic Equities Fund.

The others are Helmut Panke, former CEO of the motoring giant BMW, and Nobuyuki Idei, chairman of the advisory board of Sony.

Head of DIC Sameer al-Ansari told the newspaper: “All three have unrivalled experience in running blue-chip, worldwide businesses, and their industry expertise and international outlook will provide the fund with valuable insights.”

Dr Garnier is to step down as CEO of GlaxoSmithKline in May next year, the Independent states.