GlaxoSmithKline: Executive Compensation and a Shareholder Revolt

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Abstract

A series of controversies and market reversals begin to affect one of the world’s largest pharmaceutical firms. As share price tumbles and market share erodes, CEO J.P. Garnier is awarded a very large compensation package early in 2003. Shareholders revolt, voting down the executive compensation package, and threaten to take down the management team. GSK Chairman Lord Christopher Hogg and Communications VP Jennie Younger must decide how to proceed in the face of mounting criticism and public outrage.

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