GSK CEO Pay Slashed in Half

GSK CEO Pay Slashed in Half

March 7th, 2013 // 1:15 pm @

March 7, 2013

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The chief executive at GlaxoSmithKline, Sir Andrew Witty, is going to have his pay cut big time this year, because of major declines in the group’s sales in Europe in 2012.

His bonuses, which are tied to his performance and are about 70% of his pay, were cut from $10 million to $6 million. His overall pay was $6 million which is a big decrease from $12 million in 2011. The annual report at GSK showed that his bonus in 2012 was $1.6 million, which is way down from $4 million in 2011.

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Also, the pay of GSK’s R&D cheif Moncef Slaoui fell 6% to $8 million last year. The annual report noted that the research branch of GSK had a big year. It stated that R&D exceeded the pipeline development and value targets for 2012. Slaoui was given credit for coming up with a new plan to work between R&D and other aspects of GSK, creating a strong product launch capability for the company’s pipeline.

The changes in pay are due to a really challenging operating environment in Europe. The outlook for GSK got a lot worse during 2012 in the European market. Still, management delivered a strong level of sales performance in emerging markets and consumer healthcare.

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