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| Current GSK Chief Exec Andrew Witty. Image: thelancetstudent.com |
GSK's Chief Executive, Andrew Witty, has had his annual salary cut due to plunging sales of the controversial diabetes pill Avandia, writes Reuters.
Witty took over the sinking ship a couple of years ago from French multi-millionaire and Monty Burns look-a-like, Jean-Pierre Garnier.
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| Former GSK Exec JP Garnier Image: bbc.co.uk |
Witty's annual salary dropped £714,000 in 2010.
Reuters writes:
"The shortfall followed plunging sales of controversial diabetes pill Avandia, which was withdrawn from the market in Europe last autumn and severely restricted in the United States after being linked to increased heart risk.
"Witty received an unchanged base salary of 1 million pounds in 2010 but had his bonus reduced by 41 percent to 1.177 million from 2 million in 2009, GSK said in its annual report on Wednesday."
Any spare change, guv?
It amazes me that a Chief Executive in charge of a company, be it Witty or his predecessor Garnier, still walk the streets. Glaxo's lists of misdemeanors seem never ending. Paxil [UK name Seroxat] being top of their shit list...ahem, I mean hit list.
So, when exactly did the rot set in at GlaxoSmithKline?
Come take a journey with me...in video.
Hat-Tip - Pharmagossip
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