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Sir Andrew Witty to retire as CEO of GSK
17 March 2016 • Author: Victoria White
GSK has announced that Sir Andrew Witty, CEO, has indicated to the Board his intention to retire from the company in early 2017.
GSK’s Board has agreed that he will retire on 31st March 2017. The Board will now conduct a formal search for a successor and will consider internal and external candidates for the role.
Commenting on the news, Sir Philip Hampton, Chairman, said: “Andrew’s retirement next year will represent the culmination of 32 years of service and leadership to GSK and the industry. We will thank Andrew more formally for his tremendous dedication and contribution next year. In the meantime, we will now start a formal process to appoint his successor, whilst also ensuring the Group remains focussed on execution of its strategy to drive growth and performance.”
Sir Andrew Witty, CEO, said: “GSK is a very special company with an inspiring mission and many dedicated people. By next year, I will have been CEO for nearly ten years and I believe this will be the right time for a new leader to take over. In making this decision it has been important to me that the Board have the time to conduct a full and proper process and that we sustain the momentum of our current business performance, capitalising on the very significant progress we made last year to strengthen the Group. By doing so we will strongly position GSK to achieve the medium-term outlook set out to investors last year and deliver a return to core earnings growth in 2016.”
GSK announces directorate changes
GSK has also announced that Sir Deryck Maughan, Dr Stephanie Burns, Dr Daniel Podolsky and Hans Wijers will not stand for re-election to the Board at GSK’s AGM in May.
Sir Deryck has served as Independent Non-Executive Director on the Board since 2004, and from 2013, as the Senior Independent Director. He is a member of the Audit & Risk, Nominations and Remuneration Committees. Dr Burns has served as Independent Non-Executive Director for nine years and is a member of the Corporate Responsibility and Remuneration Committees. Dr Podolsky has served as Independent Non-Executive Director and Scientific & Medical Expert for nine years and is a member of the Audit & Risk and Corporate Responsibility Committees. Hans Wijers will also not stand for re-election at the AGM following the completion of a three year term on the Board as Independent Non-Executive Director. Mr Wijers is a member of the Corporate Responsibility and Remuneration Committees.
Commenting on the changes, Philip Hampton said: “These changes follow the usual cycle of Board refreshment. I would like to thank Deryck, Stephanie, Dan and Hans who have served GSK’s Board with distinction for many years and I’m sure will continue to do so until their retirement.”
Professor Sir Roy Anderson and Dr Jesse Goodman have been appointed members of the Corporate Responsibility Committee with effect from 1 May 2016.
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