When Jean-Pierre Garnier (photo) makes his exit from GlaxoSmithKlineÂ next month, he'll walk away with the promise of a $4.9 million options bonus that could pay off sometime in 2010. News of the golden handshake comes as U.K. investors are growing riled at the practice, The Times of London reports. Marks & Spencer is paying its chairman almost $1 million for stepping aside, and BT's chief is getting more than $1.5 million when he quits, plus another $7.8 million in performance options. Also, Garnier has run into investor revolt over his pay before: in 2002, shareholders voted down an $18 million pay package at GSK's annual meeting.
GSK's Garnier to join Dubai equity firm. Garnier report
GSK taps Witty as next CEO. GSK report
GSK CEO also-rans may get on board. GSK report
At GSK, a public race for the top spot. GSK report