GlaxoSmithKline announces board succession arrangements

GlaxoSmithKline has announced a series of changes to its board to follow the departure of four of its members.

Sir Crispin Davis, Sir Robert Wilson and Larry Culp have announced they will not be standing for re-election in 2013 following nine years of respective service, while James Murdoch will step down this year to focus on his duties at BSkyB.

Remuneration committee member Tom de Swaan will succeed Sir Crispin as chairman of the remuneration committee at the start of next year, while Judy Lewent will fill Mr de Swaan's current position as audit and risk committee chair.

Meanwhile, Sir Robert will be replaced as a senior independent non-executive director by Sir Deryck Maughan.

Sir Christopher Gent, chairman of GlaxoSmithKline, said: "These changes represent a proactive set of steps to ready the board for future changes in its composition as a number of senior, long-standing directors stand down."

Earlier this month, chief executive officer Andrew Witty became the latest person affiliated with GlaxoSmithKline to receive a knighthood, thanks to his contribution to the pharmaceutical industry and British economy.