Knighthood for GlaxoSmithKline's Andrew Witty; Teva succession plan

Andrew Witty, chief executive of UK drug giant GlaxoSmithKline (LSE: GSK) has been awarded a Knighthood in the UK’s New Year Honours list, as a reflection of his work for the company and the country’s pharmaceutical industry.

Although being the CEO of a major UK pharmaceutical company has historically led to a Knighthood, Sir Andrew is the first to achieve this since the formation of GSK in 2000 through the merger of Glaxo Wellcome and SmithKline Beecham, because until his appointment around four years ago, the company was headed by a non-British national, Frenchman Jean-Pierre Garnier, therefore not eligible for the honor. This is why David Brennan, an American citizen and CEO of the UK’s second largest drugmaker AstraZeneca, also will not be expecting a Knighthood.

Sir Andrew has actively supported the “patent box,” pledging substantial fresh domestic investment in response to the previous and current UK Administration’s commitments to offer tax concessions in exchange for intellectual property registered in the country, commented the Financial Times. He has also acted as a government adviser. At the same time, he has affirmed GSK’s long-standing commitment to affordable medicines in low income countries, with donations and a greater focus on price discounts for the poor as well as fresh support for research into an experimental malaria vaccine.