In the publication of its 2015 Annual Report to shareholders, GlaxoSmithKline has announced that Sir Andrew Witty, CEO, has indicated to the board his intention to retire from the company in early 2017. The board has agreed that he will retire on March 31. The board will now conduct a formal search for a successor and will consider internal and external candidates for the role.

Sir Philip Hampton, chairman, said, “Andrew’s retirement next year will represent the culmination of 32 years of service and leadership to GSK and the industry. We will thank Andrew more formally for his tremendous dedication and contribution next year. In the meantime, we will now start a formal process to appoint his successor, while also ensuring the Group remains focused on execution of its strategy to drive growth and performance.”

Sir Andrew Witty, CEO said, “GSK is a very special company with an inspiring mission and many dedicated people. By next year, I will have been CEO for nearly 10 years and I believe this will be the right time for a new leader to take over. In making this decision it has been important to me that the board have the time to conduct a full and proper process and that we sustain the momentum of our current business performance, capitalizing on the very significant progress we made last year to strengthen the group. By doing so we will strongly position GSK to achieve the medium-term outlook set out to investors last year and deliver a return to core earnings growth in 2016.”