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Article: Glaxo heads quick to roll after Garnier pay debacle.
- Article from:
- Daily Mail (London)
- Article date:
- June 6, 2003
- Author:
CopyrightCOPYRIGHT 2003 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CLIFF FELTHAM
DRUGS giant GlaxoSmithKline replaced two non-executive directors last night in response to the humiliating vote against the pay package of chief executive Jean-Pierre Garnier.
Out went disgraced former Marconi chairman Sir Roger Hurn and American-born Paul Allaire, who headed the board committee responsible for drawing up Garnier's potential [pounds sterling]22m leaving package.
The swiftness of Glaxo's response following last month's stormy agm is likely to surprise - and please - the City.
But Glaxo's move was almost certainly triggered by action taken in the US against Allaire, former chief executive of office ...