Tom McKillop
 Tom McKillop      ( chemist, businessman, banker) | ||||||||||||
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| Born | 19 March 1943 | |||||||||||
| Nationality | Scottish | |||||||||||
| Alma mater | University of Glasgow | |||||||||||
| Siblings | Alexander McKillop | |||||||||||
| Member of | European Round Table of Industrialists | |||||||||||
Scottish CEO of AstraZeneca from 1999 until 2006 and President of the European Federation of Pharmaceutical Industries and Associations. He was chairman of the bank RBS Group from 2006 until 2008, including when it was bailed out by the British government during the 2008 Financial Crisis. He attended the 2008 Bilderberg meeting.
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Sir Thomas Fulton Wilson McKillop is a British former pharma executive and banker[1][2][3]. He was CEO of AstraZeneca from 1999 until 2006, President of the European Federation of Pharmaceutical Industries and Associations 2002-4. He was chairman of the RBS Group from 2006 until 2008, including when it was bailed out by the British government during the 2008 Financial Crisis. He attended the 2008 Bilderberg meeting.
In addition McKillop has been on the advisory board of Scottish Development International and the British-American Business Council, the elite transatlantic business network and has spoken at the World Economic Forum on a number of occasions (including in 2003, 2004 and 2005).[4] McKillop himself notes that ‘I'm an active participant in the World Economic Forum meetings in Davos and it clearly shows the benefits of free trade in economic growth’.[5]
Contents
Education
McKillop was born in Dreghorn, a small village in North Ayrshire. He was educated at Irvine Royal Academy and then Glasgow University, where he took a BSc (Hons) and PhD in chemistry. His brother, Alexander McKillop, was professor of organic chemistry at the University of East Anglia from 1970 to 1996.
Pharma career
He joined the Imperial Chemical Industries Petrochemical & Polymer Laboratory (later renamed the ICI Corporate Laboratory) at Runcorn in 1969 after post-doctoral research work in Paris. He moved to ICI Pharmaceuticals Division in 1975 and, having held a number of positions in research, in 1989 he was appointed technical director of ICI with international responsibilities for research, development and production.
In 1993, ICI Pharmaceuticals demerged to become Zeneca, and in 1994 he was appointed chief executive officer of the new company. In April 1999, Zeneca merged with Astra to form AstraZeneca PLC. McKillop led the merger and became chief executive officer (CEO) of the merged company, which became one of the leading pharmaceutical companies in the world.
McKillop was a director with Lloyds TSB Group (1999-2004) and a director at BP (2004-).[6] He was also Chairman of the British Pharma Group and President of the European Federation of Pharmaceutical Industries and Associations (2002-4), the chemical industry wide lobby group at the EU level – an indication of involvement in transnational business activism.[7]
He retired from AstraZeneca on 1 January 2006, when David Brennan took over as AstraZeneca's CEO. McKillop became the chairman of the Royal Bank of Scotland (RBS).
Royal Bank of Scotland
McKillop then changed from chemistry to banking in 2006. He was chairman of Royal Bank of Scotland (RBS) from when it accrued a debt of £45 billion, working with CEO Fred Goodwin, who promoted aggressive expansion of the bank by acquiring other banks. By 2008 RBS was the fifth-largest bank in the world by market capitalisation.[8]
Having nearly trebled between February 2000 and May 2002 the share price halved from 2006 to 2008. It had lost 95% of its value by 2009.[9]
It rose while aggressively pursuing leveraged buyouts which include debt transferral of acquired companies; for example RBS acquired ABN Amro for €71 billion, while ABN transpired to be worth only half of that.
In early 2007, the Dutch bank ABN AMRO was under pressure from hedge funds, including Chris Hohn of the hedge fund TCI, to break itself up to maximise shareholder value. ABN chief executive Rijkman Groenink suspected RBS of acting in concert with the hedge fund Tosca, which was chaired by former RBS chairman Mathewson and recommended the takeover bid of an RBS consortium for €71 billion, against the proposed merger with Barclays Bank for €61 billion.[10] Goodwin arranged a consortium of RBS, Fortis and former RBS shareholders Grupo Santander, to purchase the assets of ABN AMRO and break them up in a three-way split. According to the proposed deal, RBS would take over ABN's Chicago operations, LaSalle Bank, and ABN's wholesale operations; while Santander would take the Brazilian operations and Fortis would take the Dutch operations. In a manoeuvre "labelled in all quarters as a poison pill"[10] ABN AMRO agreed to sell key RBS target LaSalle to Bank of America for $21bn, but in July 2007 the consortium offered the same $98bn for ABN's remaining assets, with a higher cash component (93%).[11]
The deal was struck in October 2007 as the global liquidity crisis began to develop, with Barclays withdrawing its EUR61bn bid and ABN's shareholders endorsing the EUR71bn RBS takeover.[10] Coming after the nationalisation of Northern Rock due to the freezing of the wholesale money markets, the deal proved the final straw for RBS, as it severely weakened its balance sheet not only through the size of the acquisition but due to ABN AMRO's substantial exposure to the US subprime mortgage crisis.[8]
On 13 October 2008, British Prime Minister Gordon Brown announced a UK government bailout of £45 billion of new capital into Royal Bank of Scotland.[12]
While at RBS, the value of the bank's shares fell below a quarter of their level in early 2007. Following criticism from the press for the takeover of ABN AMRO and the UK government having to bail out the bank, McKillop announced his early retirement as chairman of the Royal Bank of Scotland on 13 October 2008. At a meeting of the Treasury Select Committee of the House of Commons on 10 February 2009, he admitted to having no qualifications in banking. Like the other retired bankers present, he "apologised" for the bankruptcy for RBS.[13]
Other positions
- Non-executive director of BP (2005 - 2009)
- Non-executive Director Lloyds TSB (1999 - 2004)
- Chairman of the British Pharma Group
- Pro-chancellor of the University of Leicester
- President of the European Federation of Pharmaceutical Industries and Associations
- Chairman of the North West Science Council.
- President of the Science Council (2007 - 2011)
- Chairman of Evolva Holding AG (2012 -2016)
- Director of Almirall SA (2007 -2024)
- Non-executive Director of Alere Inc (2013 -2017)
- Non-executive Director of UCB S A (2009 - 2016)
- Non-executive Director of Amersham International
- President of Society of Chemical Industry (2003 -2004)
Awards
- 2002 Knighted in the 2002 Queen's Birthday honour's list for services to the pharmaceuticals industry.
- 2002 Elected Fellow of the Academy of Medical Sciences
- 2003 Elected Fellow of the Royal Society of Edinburgh[14]
- June 2004 – awarded an honorary doctor of Sciences by the University of St Andrews[15]
- 2005 Elected Fellow of the Royal Society[16]
- 2005 Annual Centenary Medal, Society of Chemical Industry
- 2006 Honorary Doctorate from Heriot-Watt University[17]
- 2007 Royal Medal of the Royal Society of Edinburgh
- Honorary Fellow of the Royal Society of Chemistry
- Honorary Fellow of the Institution of Chemical Engineers
- Recipient of 14 Honorary Degrees (Manchester, Huddersfield, Glasgow, Leicester, Middlesex, Nottingham, Dundee, Central Lancashire, Salford, St Andrews, Manchester, Paisley, Heriot-Watt, Lancaster)
Event Participated in
| Event | Start | End | Location(s) | Description |
|---|---|---|---|---|
| Bilderberg/2008 | 5 June 2008 | 8 June 2008 | US Virginia Chantilly | The 56th Bilderberg, Chantilly, Virginia, 139 guests |
References
- ↑ https://www.referenceforbusiness.com/biography/M-R/McKillop-Tom-1943.html
- ↑ https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5006595/RBS-scandal-Sir-Tom-McKillop-profile.html
- ↑ https://royalsociety.org/people/thomas-mckillop-11927/
- ↑ Leather, Gareth ‘AstraZeneca CEO Claims Japan Overreacted to Iressa Scare’ World Markets Analysis, January 27, 2003; AFX.COM ‘DAVOS At-a-glance guide to the main points’, January 26, 2004 Monday; Hawthorne, Fran ‘What's wrong with the FDA? Either too fast or too slow, the agency can't find the right balance’; Chief Executive (U.S.) April 1, 2005 P. 35(3) No. 207.
- ↑ Cooke Graham ‘Things looking up for innovation: CEO’ Canberra Times (Australia) June 4, 2004 Friday Final Edition, A; p. 15.
- ↑ BP, ‘Sir Tom McKillop’, accessed 19 January 2009
- ↑ Business Week EXECUTIVE PROFILE Tom McKillop PhD, accessed 19 January 2009
- ↑ Jump up to: a b https://web.archive.org/web/20081122062728/http://www.independent.co.uk/news/business/analysis-and-features/the-rise-and-fall-of-fred-the-shred-960336.html
- ↑ The Sunday Herald, 17 November 2005 Goodwin's Turning Point
- ↑ Jump up to: a b c The Daily Telegraph, 9 October 2007, RBS on brink of declaring victory in ABN battle
- ↑ Marketwatch, 16 July 2007, Timeline of the battle for ABN AMRO
- ↑ http://www.theguardian.com/business/2015/aug/03/rbs-sale-fred-goodwin-bailout-years-of-losses
- ↑ https://www.independent.co.uk/news/business/analysis-and-features/treasury-select-committee-bonfire-of-the-bankers-1606332.html
- ↑ http://www.royalsoced.org.uk/203_RSEElectsNewFellowsforOutstandingContributiontoScottishLife.html
- ↑ https://web.archive.org/web/20120621023311/http://www.st-andrews.ac.uk/news/archive/2004/Title,42793,en.html
- ↑ https://royalsociety.org/about-us/fellowship/fellows/
- ↑ https://web.archive.org/web/20160413051238/http://www1.hw.ac.uk/annual-review/2006/people_awards.html
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