Retiring Witty reveals new GSK initiatives

GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) said Andrew Witty will retire as CEO on March 31, 2017. The pharma's board said it will seek a successor. Witty became CEO in 2008.

In his first speech after announcing the news, Witty previewed GSK's new commitments to global health and to novel pricing models. Speaking at the Center for Strategic and International Studies in Washington, D.C., Witty said GSK has made a "substantial commitment" to create a permanent source of vaccine research funding for potential pandemic pathogens. He said the company is close to agreements with "governments around the world" to create an R&D facility for potential pandemic threats. It would be "dedicated to developing vaccine after vaccine for likely but unpredictable Ebolas of the future." ...