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GSK execs offered consolation payoffs

Two GSK executives may receive significant consolation prizes for not becoming the firm's new CEO, according to UK media reports

Two GlaxoSmithKline (GSK) executives could receive significant consolation prizes for not becoming the firm's new CEO, according to UK media reports.

Chris Viehbacher, who is president of US Pharmaceuticals, and David Stout, who leads pharmaceuticals worldwide, were part of a shortlist of candidates vying for the CEO role which was eventually won by Andrew Whitty.

Both were offered approximately USD 4m in stock and cash and seats on GSK's board to keep them at the company, according to the Sunday Times and the Daily Telegraph who refused to name any sources.

A GSK spokesperson at the company's US headquarters at Research Triangle Park (RTP) in North Carolina made no comment.

Viehbacher is the highest-ranking executive at RTP, while Stout works in Philadelphia. Both were in competition with Whitty to replace Jean-Pierre Garnier, who is set to retire in May 2008.

According to the reports, shareholders have yet to approve the retention packages, which coincide with cost-cutting measures to close sites and slash jobs at RTP and at a manufacturing site nearby. GSK employs about 6,000 people at RTP.

4th December 2007

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