Glaxo to Pay First Woman CEO Less, Cites Lack of Experience
- Walmsley to earn 25% less than Witty in her first year at helm
- Target bonus for Emma Walmsley capped at 100% of salary
Emma Walmsley
Source: GlaxoSmithKline PlcThis article is for subscribers only.
Emma Walmsley, poised to take over as the first female chief executive officer of GlaxoSmithKline Plc, will earn about a quarter less than her predecessor Andrew Witty to reflect her lack of experience at the helm.
Walmsley will be paid an annual base salary of about 1 million pounds ($1.2 million), the London-based drugmaker said in its annual report. That compares to Witty’s pay of 1.15 million pounds last year. Her targeted bonus doesn’t exceed her salary, whereas Witty was given the opportunity to collect 125 percent of his pay through the bonus.