Glaxo CEO's Total Pay Rises 84% on Share Performance

GlaxoSmithKline Plc (GSK) Chief Executive Officer Andrew Witty’s total compensation last year almost doubled as the company’s stock returned 25 percent in 2011.

Witty earned 6.78 million pounds ($10.7 million), an 84 percent increase from a year earlier, mostly as the London-based company awarded a higher bonus and more shares, according to Glaxo’s annual report. Witty’s pay consisted of 1 million pounds in base salary, a 2 million-pound bonus and 3.74 million pounds in shares, the drugmaker said in the report.

Witty helped generate “the company’s best annual total shareholder return since the formation of GSK in 2000,” Glaxo said.

To contact the reporter on this story: Makiko Kitamura in London at mkitamura1@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.