GlaxoSmithKline's first female boss gets 25% less than her predecessor

Pharmaceuticals giant GlaxoSmithKline is likely to "stir up debate" with the pay deal for its first ever female chief executive, says the Daily Telegraph.

Emma Walmsley will receive a maximum of £8.7bn a year once all bonuses, share awards and pension contributions are taken into account - 25 per cent less than the £11.6m maximum to which previous boss Sir Andrew Witty was entitled last year.

At £1m, her basic pay is ten per cent lower than her predecessor's while the company's estimate of her actual take-home pay of £3m is less than half the £6.8m Witty received for 2016, says the Daily Mail.

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GlaxoSmithKline, which has been negotiating with shareholders for weeks over Walmsley's pay deal, said the reduced rate reflects her more limited experience as this is her first chief executive appointment.

By contrast, Witty was "one of the most respected bosses in the FTSE 100 and [had] been chief executive since 2008".

Despite the relative shortfall, the deal still makes Walmsley one of the highest paid women in Britain and she will be the highest paid on the FTSE 100 if she achieves the upper end of her potential.

At present, the highest paid women on the blue chip index are Whitbread's Alison Brittain, whose pay could reach more than £6m with performance-related incentives, and Imperial Brand's Alison Cooper, who was paid £5.5m in 2016.