Celebrate Glaxo Day
Jean-Pierre Garnier, GlaxoSmithKline's CEO has been due to step down in October 2007, when he turns 60 (probably one of those by-law things big companies have), but he recently managed to get his hand-picked board to keep him on for another year.
Apparently, in spite of his brilliant leadership he forgot one important little detail: Succession planning. His own, that is. There is noooooooooo one who can take his job.
Apparently it hasn't hurt him that he publicly fought with shareholders about his pay and declared that he's "no Mother Teresa."
He will now stay on until May 2008, according to Glaxo, because there is noooooooooooo one in the whole wide company that can do what he does. That's how wonderful he is.
Garnier claims the next two years are a very important period, with many significant filings and launches of new medicines and vaccines and that he is "proud to stay on to see key projects reach fruition."
My guess is that the dozen or so people competing for his job are not equally pleased. After all, CEO's love to believe no one else can do what they did.
Usually they are very wrong.
And Mr. Garnier has, since he became CEO in 2000 generated a share growth of about 0%. At least he beat Pfizer's Hank McKinnell who lost 45%.