GSK reduces CEO remuneration package
Andrew Witty, the chief executive of UK drug major GlaxoSmithKline, will receive a 17.6% pay rise to increase his basic wage to GBP1.0 million ($1.4 million), taking it to the level of other British multinational companies, as part of a review of remuneration policies.
In response to public anger about large bonuses awarded to executives in failing UK banks, GSK is overhauling its pay scheme. The firm, which is the world's second-largest drugmaker by sales, will not give senior executives share option grants and will introduce a mechanism to reclaim payouts if problems arise after they have been given. The combination of moves takes GSK's CEO remuneration package to below that of its pharmaceutical peers.
Anglo-Swedish drug major AstraZeneca paid its CEO David Brennan GBP2.5 million last year, up from GBP2.2 million in 2007.
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