Glaxosmithkline has picked insider Andrew Witty to replace chief executive Jean-Pierre Garnier to resolve a long-standing succession issue at Europe's biggest drugmaker.
Glaxo said on Monday it had selected the president of its European pharmaceuticals business from three internal candidates. He will take over as CEO from May 2008.
Mr Witty (43) joined Glaxo UK in 1985 and has extensive experience working in many parts of the world.
Mr Garnier had originally been due to step down this month, when he turns 60, but the board last year extended his contract until May 2008, so that he could oversee the rollout of key new products.
Shares in Glaxo, which reports third-quarter results on October 24th, slipped 0.3 per cent to £13.26 in a flat London market by 9.30am.