Shareholder fury could see boardroom shake-up at GlaxoSmithKline
Europe's leading drugmaker, GlaxoSmithKline, could replace several high-level executives, according to US and UK media reports, as the company moves to dilute shareholder discontent over revelations that chief executive Jean-Paul Garnier could leave with a $35 million "parachute payment."
The company, which has already been under fire from investors for its remuneration policy (Marketletters passim), maintains that its compensation packages merely reflect a broader increase in senior management pay packages as GSK brings its salary structure into line with US competitors like Pfizer and Merck & Co.
It was Mr Garnier's much-publicized proposed pay increase last year which first brought the matter to attention, although a package of around $30 million plus-benefits was ultimately shelved at the time in the face of widespread criticism.
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