Sir Andrew Witty to retire in March 2017, GSK confirms

The chief executive of UK pharma major GlaxoSmithKline (LSE: GSK), Sir Andrew Witty, will retire in March next year, the company announced on Thursday.

Along with presenting its 2015 Annual Report, GSK told shareholders that he had indicated to the board his intention to retire in a year’s time, and his last day will be March 31, 2017.

This confirms rumors which had been circulating in recent months that 52-years old Sir Andrew was planning to step down. GSK will now start searching for his successor. Internal and external candidates will be considered.