John Robb Resigns From Glaxo Wellcome

Wellcome plc's chairman and chief executive John Robb has resigned his post, following the conclusion of Glaxo's hostile bid for the company (Marketletters passim). He departs March 31, until which time he is helping Glaxo's deputy chairman and chief executive Sir Richard Sykes with the integration. Sir Richard has been appointed chairman of Wellcome plc, and John Coombe, finance director of Glaxo plc, and Jeremy Strachan, executive director of Glaxo plc, to its board.

However, having lost his job, Mr Robb does not go away empty-handed. His annual salary at Wellcome was L475,000 ($747,888), with a two-year rolling contract. In addition, Mr Robb is known to have 275,256 share options which, if exercised, could net him a further L1.3 million.

Top Executive Structure Meantime, Sir Richard has announced a new executive structure, effective March 23, with responsibility for the integration of Glaxo Wellcome. Responsibilities will be allocated as follows, with the executive responsible for each function or area also chairing the respective integration task force: