GSK runners-up get $4M, board seat

So GlaxoSmithKline's dynamic duo is worth $4.1 million each. The two execs passed over for the CEO job--Chris Viehbacher (photo [1]), president of the company's U.S. pharma business; and David Stout (photo [2]), president of pharmaceutical operations--will each get a retention package worth that much if shareholders approve. Most of the package will come in the form of stock options over the next two to three years, with a small amount up front in cash.

You'll recall that, while deciding whom to appoint as its next chief exec, Glaxo put Viehbacher, Stout, and then-European president of pharma Andrew Witty (photo [3]) through their paces [4]. The board chose Witty as CEO-designate, of course, and immediately investors began to worry that Viehbacher and Stout would jump ship, taking their considerable expertise with them. What better way to assure their loyalty than a staged payoff, plus a big say-so on the board [5]?

- read the report [6] from The Telegraph

Related Articles:
GSK CEO also-rans may get on board. Report [5]
At GSK, a public race for the top spot. Report [4]
Just who is Glaxo's Andrew Witty? Report [7]
GSK taps Witty as next CEO. Report [8]