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Article: Glaxo seeks pay rise for [pounds sterling]2.5m Garnier; His salary and [pounds sterling]1m pension aren't enough, says company.
- Article from:
- The Mail on Sunday (London, England)
- Article date:
- November 17, 2002
- Author:
CopyrightCOPYRIGHT 2002 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: LISA BUCKINGHAM
DRUGS giant GlaxoSmithKline has told investors that chief executive Jean-Pierre Garnier - already one of Britain's best-rewarded bosses with a pound sterling2.5 million-a-year pay package - should be paid even more.
It wants to give him greater 'incentives' to keep him in line with other pharmaceutical company chiefs.
Glaxo has already topped up 54-year-old Garnier's pension fund, guaranteeing him a staggering pound sterling1 million-a-year on retirement, even though the company's final salary pension scheme has now been closed to new staff.
But in a letter to major shareholders, supported by a ten-page ...