SIR PAUL GIROLAMI TO STAND DOWN

Glaxo has announced that its chairman, Sir Paul Girolami, has decided to retire and will not be seeking re-election at the company's next annual general meeting. Sir Paul will retire on November 18, 1994, but relinquishes his executive responsibilities as of June 30, coinciding with the end of Glaxo's current financial year.

Although it was known that Sir Paul would be retiring, the June 30 hand-over is over a year earlier than had been expected by industry observers. The company is giving no information as to his successor, other than to say that the appointment of a non-executive chairman will be made in due course.

"It has been a privilege serving our group at the top level for nearly 30 years and a source of pride to see Glaxo become one of the world's leading companies...the markets and the environment in which (these) needs have now to be met are in the course of transformation," said Sir Paul adding "the industry has to respond and it is time for change, and for a change to those who have the task to guide our splendid group to greater heights."