The activist investor Bluebell Capital Partners has bought a stake worth €10m (£8.6m) in GlaxoSmithKline in a bid to shake up the pharmaceutical company’s leadership.

Chief Executive Emma Walmsley has already seen off an attack from activist investor Elliott Management which urged GSK to name new board directors and launch a review of her leadership in July. Bluebell has backed proposals put forward by Elliott and is calling for Walmsley to reapply for her job.

In a letter to GSK’s chair Bluebell demanded the company launch a “thorough and robust process” to find a leader for the drug and vaccine maker, according to the Financial Times.

“GSK deserves the right leadership, able to review and potentially adjust the strategy outlined in June, ensure high quality execution, and rebuild trust with employees, customers, suppliers, and shareholders,” they wrote, saying that Walmsley would have renewed credibility if she were reappointed by a board with stronger scientific credentials.

Dame Emma Walmsley was appointed at the helm of GSK in April 2017, since which time share price has declined by 13.8 per cent to stand at 1,429GBX.

In June, Walmsley enraged share holders with the announcement that dividends would be cut from the current payout of 80p per share to 55p per share next year under GSK’s new ten year strategy.

Bluebell, which manages €100m, is tiny compared to Elliott management, which controls $48bn of assets. However, it successfully ran a campaign to replace the chief executive of Danone this year.

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