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Tuesday, December 04, 2007

GSK execs offered $4 million 'consolation' prizes

Source: News & Observer

Two GlaxoSmithKline executives could receive hefty consolation prizes for missing out on the chief executive's office.

Chris Viehbacher, president of U.S. Pharmaceuticals, and David Stout, who leads pharmaceuticals worldwide, were offered about $4 million in stock and cash and seats on the drug maker's board to stay with GSK after being passed over for the top job, the Sunday Times of London and the Daily Telegraph of London reported without naming sources.

Mary Anne Rhyne, a GSK spokeswoman at Research Triangle Park, said the company had no comment.

Viehbacher is the highest-ranking executive at RTP. Stout works in Philadelphia. Both vied to replace Jean-Pierre Garnier, who will retire in May. But the job went to Andrew Witty of GSK's European pharmaceuticals business.

According to the London newspapers, shareholders have yet to approve the retention packages, which coincide with a string of bad news for the British drug maker.

GSK announced plans a month ago to close sites and cut jobs. GSK employs about 6,000 people in the Triangle.

Money coming out its arse it seems!

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