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☆ GSK picks Burberry's Brown as CFO
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in April, start as CFO in MayCFO Iain Mackay to retireSept 26 (Reuters) - GSK (GSK.L) named luxury fashion brand Burberry's (BRBY.L) Julie Brown as its new chief financial officer on Monday to succeed Iain Mackay, at a time when the British drugmaker is sharpening focus on its core business. The change comes after GSK spun off its large consumer business, Haleon (HLN.L), to focus on prescription drugs and vaccines. Burberry had said on Friday that Brown would step down as its CFO and chief operating officer in April to take up a role outside the luxury industry. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amna Karimi and Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Mackay, 60, will be retiring next year after serving as GSK's finance chief for nearly four years, following an eight-year stint as group finance director at the bank HSBC. Register now for FREE unlimited access to Reuters.com RegisterBrown, also 60, will join GSK in April and take up the job in May. She also served in several finance roles at AstraZeneca (AZN.L), which last year also appointed a female CFO, Aradhana Sarin. With Emma Walmsley as GSK's chief executive officer, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Brown will receive an annual base salary of more than 900,000 pounds at GSK, the company said.

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in AprilIain Mackay to retire in MaySept 26 (Reuters) - Britain's GSK (GSK.L) has appointed its first female chief financial officer, Julie Brown, to succeed Iain Mackay, as the drugmaker focuses on its core pharmaceuticals business. With Emma Walmsley as GSK's chief executive, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Mackay, 60, will retire next year after almost four years as GSK's finance chief, before which he completed an eight-year stint as group finance director at HSBC. She also served in several finance roles at AstraZeneca (AZN.L), which last year appointed a female CFO, Aradhana Sarin.

☆ India cenbank likely sells dollars as rupee plumbs record low - traders
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn attendant at a fuel station arranges Indian rupee notes in Kolkata, India, August 16, 2018. REUTERS/Rupak De ChowdhuriMUMBAI, Sept 23 (Reuters) - The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee extended losses to hit a record low, three traders told Reuters. The rupee was last trading at 81.0575 per U.S. dollar, compared with the day's low of 81.2250 and the previous session's close of 80.86. Two state-run bank traders also confirmed that the RBI sold dollars. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nimesh Vora; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ AMP handed $9.7 mln penalty for charging pensioners 'fees for no service'
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray/File PhotoSept 20 (Reuters) - Wealth manager AMP Ltd (AMP.AX) was handed a penalty of A$14.5 million ($9.74 million) on Tuesday by Australia's Federal court for charging customers with 'fees for no service' on their corporate pension accounts. Between July 2015 and September 2018, AMP entities deducted A$356,188 in fees even though they were aware that the members had ceased their employment and could no longer receive advice services, the court found. The penalty received on Tuesday has already been provisioned in the 2022 half-yearly financial statement, AMP said. ($1 = 1.4890 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Dhanya Ann Thoppil and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ AMP handed $9.7 million penalty for charging pensioners 'fees for no service'
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray/File PhotoSept 20 (Reuters) - Wealth manager AMP Ltd (AMP.AX) was handed a penalty of A$14.5 million ($9.74 million) on Tuesday by Australia's Federal court for charging customers with 'fees for no service' on their corporate pension accounts. Between July 2015 and September 2018, AMP entities deducted A$356,188 in fees even though they were aware that the members had ceased their employment and could no longer receive advice services, the court found. "Although AMP has remediated A$691,032 to affected customers, the court found AMP failed to investigate whether or not there was a systemic issue, despite many complaints over a lengthy period of time," ASIC said. The penalty received on Tuesday has already been provisioned in the 2022 half-yearly financial statement, AMP said.

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