London - Incoming GlaxoSmithKline (GSK) chief executive Emma Walmsley, the first woman to lead a top global drug maker, will get a pay package worth a quarter less than her predecessor.
This follows a company rethink on remuneration.
Walmsley, who takes over next month, will be paid a base salary of £1 million (R16.0 5 million), or 10 percent less than outgoing chief executive Andrew Witty.
She will also receive significantly lower pension contributions, as well as reduced bonus and long-term incentive opportunities, resulting in a total reduction in her package of about 25 percent, GSK said in its annual report.
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“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 current arrangements,” the report stated.
The decision to pay her less comes at a time of increased focus on executive pay in Britain.