Business Services Industry
GlaxoSmithKline to Release Details of Senior Executive Pay.
Knight Ridder/Tribune Business News, December, 2003
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Dec. 15--Jean-Pierre Garnier, chief executive of drugs giant GlaxoSmithKline, is to give up a "golden goodbye" worth up to UKpound 22 million in an effort to appease angry shareholders. But the Frenchman could still earn up to UKpound 5.7 million a year.
Glaxo is this week expected to publish details of new pay and bonus packages for its 15 most senior executives.
Its move follows an embarrassing showdown with investors in May when the company's remuneration report was voted down at its annual meeting.
Shareholders were incensed at the generosity of the exit package offered to Garnier, entitling him to two years" salary [ or -] twice the norm in the...
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