However, I will likely post every 3 months or so, just to keep the blog going, and besides, GSK always seem to hit the headlines every few months with some sordid story or other about corruption, fraud, skullduggery etc… therefore there is always material to highlight, but I have scaled back on blogging, and I intend to keep it that way…
Here is some of the last few months news:
GlaxoSmithKline CEO Andrew Witty’s pay cut 46%
LONDON – The total compensation for Andrew Witty, CEO of GlaxoSmithKline P.L.C., was reduced 46 percent last year as profits of the largest U.K. drugmaker slumped.
Witty’s annual bonus was cut 51 percent to $1.41 million, while his salary climbed 2.6 percent, to $1.68 million, taking his total pay for 2014 to $6 million, according to London-based GSK’s annual report. Compensation for chief financial officer Simon Dingemans, 51, was pared to $2.85 million.
The pay cut reflects Witty’s struggle to halt a slide in U.S. market share for Advair, the company’s top-selling asthma medication, and failure to win over doctors and insurers to products designed to replace it. Shares of GSK fell 8 percent in the past year as the drugmaker was also battered by a bribery scandal in China that resulted in a $457.6 million fine.
GlaxoSmithKline PLC said it is firing about 110 employees in China for what it describes as misconduct, the latest fallout from a bribery scandal there that has dogged the U.K. drug company for more than a year.
The move comes six months after a Glaxo subsidiary in China was found guilty by a Chinese court of bribing doctors, hospitals and other nongovernment personnel and fined more than $490 million. A Glaxo spokeswoman said on Friday the misconduct leading to the dismissals dates back more than 18 months.
“Based on the findings, we have taken disciplinary action against employees whose conduct went against GSK’s values and code of conduct. We have zero tolerance for this kind of behavior,” the company said in a statement. The spokeswoman added that the drug maker has increased its monitoring of expense claims and compliance efforts in China, and also hired lawyers and consultants to review operations.
A tally of Glaxo’s total workforce in China wasn’t immediately available.
The firings come as Glaxo seeks to rebound from the long-simmering bribery scandal in China, which resulted in suspended prison sentences for five of the company’s managers, including Mark Reilly, its former top China executive.
The episode set back Glaxo’s efforts to restore its image and revamp business practices in the wake of a $3 billion settlement with U.S. authorities three years ago. The drug maker had been accused of failing to disclose clinical trial data for certain medicines and improperly marketing drugs, among other things.