GlaxoSmithKline (GSK) is facing a rebellion from shareholders over the pay package of its incoming CEO Emma Walmsley.
Major shareholders are said to be increasing pressure on the drugmaker's board to cut Walmsley's compensation package to more reflect her experience, Sky News reported on Thursday.
GSK share was up 0.30% to change hands at 1,680 pence on Friday morning at 10:00am GMT, extending a 14% gain over the past three months.
The FTSE 350 Pharmaceuticals & Biotechnology Index has gained 14.21% over the past three months.
Walmsley is currently the CEO of GSK Consumer Healthcare and will take the helm of the pharmaceutical company on April. She joined the board at the start of the year. GSK is the largest company to appoint a female CEO, joining a group of just seven women running the U.K.'s largest companies.
The compensation committee is said to be planning to put forward a package that includes a fixed salary of just under £1 million. Walmsley has been on a salary of £850,000 since she was appointed CEO in the fall.
Witty's total compensation was £6.6 million in 2015. He had a fixed salary of £1.1 million in 2016.
Sources told Sky that Walmsley's bonuses and long-term share awards will be worth less than those of Witty.
Shareholders have allegedly told the company that Walmsley's pay package should be lessened to more reflect her experience.
According to BoardEx, a relationship mapping service from TheStreet (TST) , Walmsley joined GSK in 2010, after 17 years at L'Oreal (LRLCY) . She became CEO of the consumer healthcare division, whose brands include Sensodyne toothpaste, in January 2016.