The new CEO of pharmaceutical firm GlaxoSmithKline (GSK), Emma Walmsley, will receive a pay deal worth 25% less than that of her predecessor, Sir Andrew Witty. Walmsley, who will become the pharmaceutical industry’s most powerful woman when she takes up her post next month, will potentially receive £8.8m (11.6) a year, compared to Witty’s maximum £$10.8mm. GSK claimed that Walmsley’s reduced pay was due to her being less experienced than Witty. The company also stated that investors wanted to see restraint in relation to executive pay.
The new CEO of pharmaceutical firm GlaxoSmithKline (GSK), Emma Walmsley, will receive a pay deal worth 25% less than that of her predecessor, Sir Andrew Witty. Walmsley, who will become the pharmaceutical industry’s most powerful woman when she takes up her post next month, will potentially receive £8.8m ($10.8m) a year, compared to Witty’s maximum £11.6m. GSK claimed that Walmsley’s reduced pay was due to her being less experienced than Witty. The company also stated that investors wanted to see restraint in relation to executive pay.