“….GlaxoSmithKline’s chief executive, Sir Andrew Witty, is to leave the drugmaker next March after collecting a £6.7m pay package last year…“
“…Witty’s salary rose to £1.06m from £1.03m in 2012. In addition, he received benefits of £67,000, as well as share awards worth £3.5m based on the company’s performance. This took his annual pay and shares package to £6.5m from £3.9m in 2012. Including his pension, Witty’s total package was £7.2m last year, up from £4.4m in 2012.
The Chinese authorities last year branded the company a “criminal godfather”, accusing it of running a £320m slush fund to bribe doctors and hospital officials with cash payments and visits to prostitutes. GSK said on Thursday that the investigation in China was continuing and that it was co-operating with the Chinese authorities.
“His bonus has been reduced from the maximum possible as both Andrew and the board are mindful of the impact the investigation in China has had on the reputation of the company.”
In 2012, GSK paid a $3bn (£1.8bn) fine for misselling drugs in the US, the biggest healthcare fraud settlement in American history. At the time, Witty was apologetic and announced his determination to stamp out such sales practices, only to see the company embroiled in another scandal within a year…”
So CEO Andrew Witty has announced his retirement, after ten years at the helm of GSK?
It’s interesting how Witty’s decade long tenure mirrors the length of time that I’ve been blogging about GSK, Seroxat, and GSK’s various misdeeds in relation to that awful drug (and others).
Looking at the latest speech from Andrew Witty (video below) you would almost be fooled into thinking that under Witty’s watch for the past ten years, GSK has behaved impeccably wouldn’t you?
However, this couldn’t be further from the truth.
Under Witty’s watch (in 2012) GSK settled a 3 Billion dollar fine with the department of justice in the US for committing multiple crimes against patients/consumers which resulted in deaths of thousands. Witty worked for GSK at the time that these crimes were committed in various high level positions.
Under his watch also came (in 2014) the biggest corruption/bribery scandal of recent times in China involving GSK’s Mark Reilly (described by the Chinese as a ‘criminal godfather’). Again GSK were fined (this time half a billion dollars), and this came despite a corporate integrity agreement with the US department of Justice and several investigations into GSK’s alleged fraud and criminality in several other countries at the time, and an on-going investigation by the serious fraud office (SFO) in the UK.
Witty has been working for GSK since 1985, so he’s had a 32 year career with GSK, in fact he has spent more than ten years more with GSK than he has with anything else. His entire adult life and middle age has been spent with the company in one form or another. Suffice to say then, it would be appropriate to assume then that Witty -is himself – embedded now into the corporate culture at GSK wouldn’t it?
GSK has made him a very rich man indeed.
I reckon Witty is worth at least 50 million pounds ( perhaps a lot more).
His huge pension package, which he will collect now in his very early 50’s, will keep him in the lavish lifestyle which he must be accustomed to by now.
He will be well cushioned and protected until the end of his days.
It would also be safe to assume also that the fact that GSK has made him so wealthy would have a lot to do with why he is so loyal to them wouldn’t it?
People often say, ‘it’s not personal – it’s business’, but when a pharmaceutical company makes a drug, lies about side effects and efficacy, and this fraud harms you, or harms a member of your family (or even kills you or a family member) it isn’t just business- it is personal…
Pharmaceutical company CEO’s (like Andrew Witty) know damn well that there are suppressed risks (and hidden trials etc) from these meds which injure, maim, and sometimes kill- members of the unsuspecting public, but they must justify their own position to themselves in one way or another…
Either that -or they just don’t possess a conscience like most people..
For a good insight into how the pharmaceutical companies have behaved in their pursuit of profit, and in the process killed and maimed people in their tens of thousands, check out this interview from Phil Dawdy (of the now defunct Furious Seasons Blog).
They haven’t changed, they can’t change because their business model demands increased profits at the cost of patients lives.. (the share-holders must be appeased!)
Andrew Witty knows this, but his paycheck must make up for the inconvenience…
Despite Andrew Witty’s long winded mythical yarn (see video below) GSK didn’t decide to be transparent, or not to pay doctors any more incentives, they have been forced by their department of justice integrity agreement which came as a result of 3 Billion dollars worth of criminality over decades, and even at that they are still spinning propaganda and smokescreens…
Everything they do is for their own self interest..
(See Whistle-Blower Greg Thorpe’s Department Of Justice Complaint for some hair raising tales of GSK’s criminality over the years)
Andrew Witty was chosen as GSK’s PR Face to the max…
He’s slick, and he is good at creating good optics for GSK, but optics aren’t reality..
Good job Witty, you got tens of millions of GSK blood money for the price of your own conscience and soul…
You did a great job for GSK, you defended the indefensible..
It’s all been documented on this blog and others.
Enjoy your retirement…