GSK's Garnier gets $4.9M handshake

When Jean-Pierre Garnier (photo) makes his exit from GlaxoSmithKline 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.

- see the story in the Times
- see the Pharmalot item

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GSK CEO also-rans may get on board. GSK report
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