GSK’s Witty Names Retirement Date

It’s official. Andrew Witty, CEO of Britain’s largest drugmaker, Glaxo SmithKline (GSK), has announced he will retire in March 2017 after nearly a decade at the helm.

In a statement, the CEO said he believes a year from now “will be the right time for a new leader to take over.”

Even before the announcement, the search for a successor was thought to be well underway. Witty has been under pressure from investors to boost profits or break up the company into smaller units.

According to news agencies, the company’s board of directors recently appointed headhunters Egon Zehnder and Korn Ferry to find a new chief.

Along with the challenges from generic competitors faced by many other large drugmakers, Witty has come under fire from GSK shareholders who have been clamoring for a new blockbuster to replace drugs with expiring patents.

GSK has also been embroiled in a bribery probe and faced a fine of £37.6 million for delaying the market entry of generic competition for the company’s anti-depressant Seroxat.