GSK share price: Sir Andrew Witty to step down next year
GlaxoSmithKline (LON:GSK) has announced that its chief executive Sir Andrew Witty will retire from the group in March next year. The company’s board its set to conduct a search for a successor.
In the publication of its 2015 Annual Report to shareholders, GSK plc today announced that Sir Andrew Witty, CEO, has indicated to the Board his intention to retire from the company in early 2017. The Board has agreed that he will retire on 31st March 2017. The Board will now conduct a formal search for a successor and will consider internal and external candidates for the role.
Philip Hampton, Chairman, said: “Andrew’s retirement next year will represent the culmination of 32 years of service and leadership to GSK and the industry. We will thank Andrew more formally for his tremendous dedication and contribution next year. In the meantime, we will now start a formal process to appoint his successor, whilst also ensuring the Group remains focussed on execution of its strategy to drive growth and performance.”
Sir Andrew Witty, CEO said: “GSK is a very special company with an inspiring mission and many dedicated people. By next year, I will have been CEO for nearly ten years and I believe this will be the right time for a new leader to take over. In making this decision it has been important to me that the Board have the time to conduct a full and proper process and that we sustain the momentum of our current business performance, capitalising on the very significant progress we made last year to strengthen the Group. By doing so we will strongly position GSK to achieve the medium-term outlook set out to investors last year and deliver a return to core earnings growth in 2016.”
**More to follow…**
As of 07:07 GMT, Thursday, 17 March, GlaxoSmithKline plc share price is 1,412.00p.