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GSK offers up retention package

6th December 2007

GlaxoSmithKline (GSK) has offered two executives who failed to secure the position of company chief executive retention packages worth ?2 million pounds and invited both to join the board.

Chris Viehbacher, who is president of GSK’s US pharmaceutical business, and David Stout, president of pharmaceutical operations, were unsuccessful when the company was recruiting for the role of chief executive.

The payments – approved by shareholders and made mostly in shares, with a small cash lump sum – are intended to keep the executives at the company.

Their ascendancy to the board means that Mr Viehbacher and Mr Stout are now partly responsible for the company’s corporate governance and its strategy and financial performance.

The chief executive role was given to former GSK Europe president Andrew Witty earlier this year.

Also this week, GSK has issued a response to a recent article in Nature Medicine regarding rosiglitazone and bone in mice.

The firm noted that the article added additional context concerning the potential role of thiazolidinediones (TZDs) in osteoclast activity, while r adding that TZDs have already been studied in relation to bone fractures.

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