Andrew Witty, chief executive of GlaxoSmithKline, is to receive a significant rise in his cash pay but no stock options under a new remuneration policy more geared to the long term and demands of UK-based investors.
Details of the arrangements, released in the 2008 annual report yesterday, show Mr Witty will receive a base salary of £1m, up from £850,000 last year, but lower total remuneration than many pharmaceutical peers.
