Activist hedge fund Elliott Management is ramping up its campaign against GlaxoSmithKline, outlining management’s flaws in a public letter ahead of the UK pharma giant’s long-awaited plan to spin-off its consumer health unit. 

Among other bones Elliott had to pick about Glaxo, including its lagging share price performance over the years, the most striking is that Elliott “strongly believes that the future chief executives” of the soon to be separated units “must have the skillsets and expertise to match their respective tasks at hand.”