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May 19, 2003
Money and Medicine

Over at GlaxoSmithKlein, the company is still under heat for the proposed CEO pay hike. This time it's from the 2,000 workers they laid off last year.

The proposed rises will boost Garnier's 7m annual salary and benefits package and award him a 23 m severance package, despite the company making 2,000 redundancies last year and a continual fall in GSK's share price since Garnier took over in 2000.
I wanna know why I never get a raise for the ways in which I fail to make a positive contribution at my company?

I liked this bit at the bottom of the article:

Notes to editors

1. Garnier's basic salary represents an increase of 63% over the average for the FTSE 100 index and his bonus is more than double that for the index.

2. Garnier's annual pension entitlement as at 31 December 2002 was 929,000. This total payment is five times the level of his 2002 basic salary and eight times the level for the average Chief Executive salary in the FTSE 100 index.

When they say fat cat, they really mean it.

Posted by AnneZook at 11:50 AM