GlaxoSmithKline Boss's 2013 Bonus Doubled Despite Scandal in China

GlaxoSmithKline's chief executive, Sir Andrew Witty, doubled his bonus last year, collecting £1.9 million even after the massive corruption scandal the company still faces in China cut his payout by £245,000.
Witty received a pay and shares package of £6.5 million after GSK had the best year ever in its labs, but in light of the China scandal the company's remuneration committee decided not to award his maximum possible bonus of £2.12 million.
Tom de Swaan, who chairs the committee, wrote in a letter to shareholders: "Both Sir Andrew and the board are mindful of the impact this issue has had on the reputation of the company. As a result, the bonuses awarded for 2013 were lower than they otherwise might have been."
To read the full story in The Guardian, click here.
Related News
-
News Pharma Supply Chain People Moves
The latest appointments and promotions across the pharmaceutical supply chain. -
News EU Medical Devices Regulation causes unintended disappearances of medical devices for children, doctors state
Doctor groups and associations have appealed to the EU to correct the EU Medical Devices Regulation law that may cause unintended shortages of essential drug and medical devices for children and rare disease patients. -
News 10 Major Drug Approvals So Far in 2023
Last year, 37 novel drugs were approved by the FDA, this was a high number for such a category, and covered many fields including oncology, demonstrating how promising further research is, and how it is only continuing to build. To date, there are alre... -
News Detecting Alzheimer's disease with a simple lateral flow test
A novel rapid diagnostic test for early-stage Alzheimer's disease has been developed using a biomarker binder from Aptamer Group along with technology from Neuro-Bio, the neurodegenerative disease experts. -
News CPHI Podcast Series: outsourcing and manufacturing trends
Listen to the CPHI Podcast Series this June to hear Gil Roth of the PBOA speak with Digital Editor Lucy Chard about the biggest trends and topics to watch in pharma outsourcing and manufacturing at the minute. -
News 3 ways ChatGPT will impact pharma marketing teams
What does the rise of AI-powered chatbots such as ChatGPT and GPT-4 mean for pharma marketeers? -
News Eli Lilly, Novo Nordisk, and Sanofi cut insulin prices by up to 78%
Insulin prices have dropped in a stark play by the three biggest makers of the product, after calls from the top of the US government. -
News Open letter challenges EU Commission on medicine supply chain
In an open letter to the European Commission, Medicines for Europe calls for a new medicine security contract with their goal to improve access to medicine and ensure a secure supply chain to Europe.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance