Glaxo to pay first female CEO less than male predecessor

Paris

EMMA Walmsley, poised to take over as the first female chief executive officer of GlaxoSmithKline plc, will earn about a quarter less than her predecessor Andrew Witty to reflect her lack of experience at the helm.

Ms Walmsley will be paid an annual base salary of about £1 million (S$1.7 million), the London-based drugmaker said in its annual report. That compares to Mr Witty's pay of £1.15 million last year. Her targeted bonus won't exceed her salary, whereas Mr Witty was given the opportunity to collect 125 per cent of his pay through the bonus.