GlaxoSmithKline PLC named Emma Walmsley, former head of the company's consumer health division, as the new CEO to replace outgoing chief executive Andrew Witty.
According to an article in BBC, Walmsley lacks previous experience in a CEO role and has no background in pharmaceuticals; thus, she will start on a pay package 25 percent lower than her predecessor Andrew Witty, who retires on March 31. Her pension and potential for earning through bonuses and long-term performance targets will also be lower.
"Taking into account the fact that this is Emma's first chief executive role, reductions have been made to all elements of her remuneration package in comparison to Sir Andrew's," according to the company's annual report. "Constructive feedback" about remuneration from shareholders had also played a role, it said.
Read the BBC article