GSK Proposes $27M CEO Pay Hike to Compete with US Pharma Giants

GlaxoSmithKline (GSK) is considering a significant increase in the compensation package for its CEO, Emma Walmsley, to align UK executive salaries with those in the US. The proposed raise would double Walmsley's pay to $27 million, according to sources familiar with the matter.

Walmsley's current compensation package is valued at just over £10 million ($13.5 million), which is considerably lower than the average pay for CEOs of major US pharmaceutical companies. The proposed increase aims to address this disparity and attract top talent to the UK market.

The move comes as GSK faces intense competition in the global pharmaceutical industry, with US-based companies often leading the way in research and development. By increasing Walmsley's compensation, GSK hopes to retain and attract top executives who can drive innovation and growth in the company.

However, the proposed raise has sparked debate among shareholders and industry observers. Some argue that the increase is necessary to remain competitive in the global market, while others question whether such a significant raise is justified given GSK's recent financial performance.

GSK's board of directors is expected to make a final decision on the compensation package in the coming months. The company has not yet commented on the proposed raise, but sources close to the matter suggest that the board is considering the move to ensure GSK remains competitive in the global pharmaceutical industry.