GSK says boss to step down next year

The Pak Banker - - COMPANIES/BOSS -

LON­DON: Bri­tish drug maker Glax­oSmithK­line said Thurs­day that chief ex­ec­u­tive An­drew Witty will re­tire in 2017 af­ter al­most 10 years at the helm. "GSK plc to­day an­nounced that Sir An­drew Witty, CEO, has in­di­cated to the board his in­ten­tion to re­tire from the com­pany in early 2017," the Lon­don-listed group said in an un­ex­pected an­nounce­ment along­side its an­nual re­port. Witty, 51, who has worked for GSK and in the phar­ma­ceu­ti­cals in­dus­try for the last 32 years, will leave the group at the end of next March, it said. GSK will now search for a suc­ces­sor and will con­sider in­ter­nal and ex­ter­nal can­di­dates.

"By next year, I will have been CEO for nearly 10 years and I be­lieve this will be the right time for a new leader to take over," Witty added in the state­ment. "In mak­ing this de­ci­sion it has been im­por­tant to me that the board have the time to con­duct a full and proper process and that we sus­tain the mo­men­tum of our cur­rent busi­ness per­for­mance, cap­i­tal­is­ing on the very sig­nif­i­cant progress we made last year to strengthen the group."

GSK chair­man Philip Hamp­ton paid trib­ute to the out­go­ing chief ex­ec­u­tive. "An­drew's re­tire­ment next year will rep­re­sent the cul­mi­na­tion of 32 years of ser­vice and lead­er­ship to GSK and the in­dus­try," he said. "We will now start a for­mal process to ap­point his suc­ces­sor, whilst also en­sur­ing the group re­mains fo­cused on ex­e­cu­tion of its strat­egy to drive growth and per­for­mance."

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.