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GlaxoSmithKline Cuts CEO's Severance Package to One Year's Salary.
Knight Ridder/Tribune Business News, December, 2003
By Linda Loyd, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Dec. 16--Seven months after GlaxoSmithKline P.L.C. shareholders rejected a proposed pay package for chief executive officer Jean-Pierre Garnier and other top executives, the drug company slashed Garnier's severance package yesterday to one year's salary from two years.
Some shareholders in the United Kingdom had expressed outrage in May over Glaxo's executive-compensation policy, specifically the severance contract for Garnier that was based on two years' salary and bonuses should he resign or be removed.
Glaxo's board met Friday and announced yesterday that it would not change Garnier's salary, but would cut his severance from two years' salary to one....
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