Glaxo CEO extends term and commits firm to Britain
GlaxoSmithKline Plc's chief executive has extended his term at the head of Europe's biggest drugmaker and said the group would maintain investment in Britain despite threats from animal-rights activists.
Jean-Pierre Garnier had been due to step down in October 2007, when he turns 60, but will now stay on until May 2008, Glaxo said on Wednesday.
Garnier took charge of the company following the merger of Glaxo Wellcome and SmithKline Beecham that created it in 2000.
Some industry analysts had expressed concern at his planned departure in just over a year's time, since Glaxo is in the midst of a period of major change as it prepares to roll out a raft of new products.
Garnier said the next two years were a very important period, with many significant filings and launches of new medicines and vaccines and he was proud to stay on to see key projects reach fruition.
Chairman Chris Gent said the extension would help maintain momentum for Glaxo and enable the board to complete the process of appointing a successor.
Garnier and Gent will hammer home the message that Glaxo will not be deterred by animal-rights extremists from conducting drug research in Britain when they address the firm's annual shareholders' meeting later in the day, company officials said.
They also aim to reassure individual investors who received unsigned letters from activists last week threatening to publish their names on the Internet if they did not sell their shares. Glaxo quickly obtained an injunction prohibiting such publication.
Around 500 shareholders are expected to attend the annual meeting, due to take place at 2:30 p.m. amid tight security at the Queen Elizabeth II Conference Centre in central London.
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