The battle to replace Jean-Pierre Garnier as chief executive of GlaxoSmithKline ended today when the company announced that Andrew Witty would replace JP next May.
Mr Witty, 43 and president of Glaxo’s European pharmaceuticals business, beat off competition from Chris Viehbacher, the president of Glaxo’s US arm, and David Stout, the president of pharmaceuticals operations.
JP, formerly with SmithKline Beecham, took over as group chief executive following the merger seven years ago… at the merger the share price of GSK was £21 – today the share price is £13.17
I can’t help but think that makes JP a real failure at his job.
Maybe he thinks so too, as he has said today that his legacy will be the creation of a new corporate culture at Glaxo — one of “performance with integrity”. No mention of the abysmal business performance and pitiful share price. No mention of all the law suits. No mention of the criminal investigation in the UK.
Just “performance with integrity”.
Yes, you read it right, JP thinks he has presided over some kind of golden age at Glaxo – if it wasn’t so sad it would be so very funny.
Remember this JP? – “I’ll be a hero in three years” Jean-Pierre Garnier 5 April 2004