Word: garnier
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...year, $6.8 million contract he gave new CEO Anders Moberg. The French government pressured Pierre Bilger, the ex-CEO of engineering giant Alstom, into returning a $4.6 million severance payment, and shareholders of Europe's largest drugmaker, London-based GlaxoSmithKline, rejected the $36.5 million payment CEO Jean Pierre Garnier would receive if he lost his job. "Everyone in Europe is being very careful right now," says Dan Konigsburg, a corporate-governance analyst at Standard & Poor's in London. "No one wants to be like Grasso." They will need a big raise for that...
When Jean-Pierre Garnier's proposed $36 million severance package got slapped down by angry GlaxoSmithKline shareholders two weeks ago, it looked as if the U.K's revolt against fat-cat compensation - the movement against oversize salaries and bonuses for CEOs, especially those in charge of underperforming companies - might actually have some teeth. The stage seemed set for a major showdown at the annual shareholder meeting of banking giant HSBC last Friday. A new American board member, William F. Aldinger III, was up for an eye-popping three-year, $37.5 million financial package, and shareholders would get a chance...
...Claws In The Contract It was a bad week for fat cats as U.K. investors rejected an executive pay package for the first time, with 51% voting against a proposed contract for GlaxoSmithKline CEO Jean-Pierre Garnier...
...Jean-Pierre Garnier GlaxoSmithKline CEO Pay: $6.65 million Share price...
...last year - less than the U.S. average and under one-fifth of what disgraced Tyco CEO Dennis Kozlowski earned. That's because European shareholders and unions have long campaigned against corporate excess. But with stock prices falling, the demands have become more strident, hitting even CEOs like Jean-Pierre Garnier and Christopher Gent, who have finally begun to heave their stock prices in the right direction. But at least they had a chance to start before being attacked - on Thursday, Britain's National Association of Pension Funds launched a preemptive strike on the drugstore chain Boots' plan...