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Glaxo-Smith-Kline-Beecham becomes “GSK”, Chairman’s pay deal refused.
With an eye to future mergers Glaxo-Smith-Kline-Beecham, who through seventy years of aquisition and merger have become the world’s largest drugs-company has decided to change it’s name again, this time to “Glaxo-Smith-Kline” or “GSK”.
Name dropping, or the simplification of GSK’s global brand name has been a regular feature of the companies past enabling GSK to expand through aquisi tions and mergers over a seventy year period.
Jean Pierre Garnier the chairman explained to BF reporter Jo Joson why the brand needed to evolve again.
“GSK is constantly looking to aquire and merge with competing companies in a discreet and reassuring way. Every merger or aquisition is overseen by global and national mergers commissions and people need to continue to have complete confidence that those bodies are indeed looking after their best interests.”
Without repeated re-branding GSK would today be called “Glaxo-Smith-Kline- Beecham-Allen-Hanburys-Shoemaker- Joseph-Nathan-Burroughs-Wellcome- French-Richards-Maclean-Eno's- ounty-Perfumery-CL-Bencard-Cooper- McDougall- Robertson-Norden-RIT-Meyer- Allergan-Norcliff-Thayer- ICL-Diversified-Pharmaceutical- Services-Sterling-Health-Affymax-Sterling- Winthrop-Polfa-Poznan.”, quite a mouthfull ! “GSK” is considered by company executives to be a more reassuring brand as well as being easier for foreigners or people with speech impediments to say.
Mr Garnier yesterday recieved a near-mortal blow when shareholders refused a 22 million dollar severance deal recommended by the company board. The shareholders advice is only advisory however and Mr Garnier who says he has no intention of leaving the company at present, did recieve 5 million pounds in pay for 2002, a period during which company sales reached £21.2 billion.
The rebranding operation opens the way for a rumoured mega merger with AOL-Time-Warner (America-Online-Time- Warner-Home-Box-Office- New-Line-Cinema- Turner-Broadcasting-System- Warner Bros-Entertainment- Warner-Electra-Atlantic- WEA-ADA-Word-Giant) and Wal-Mart(Wal-Mart-Big-W-ASDA- Mohr-Value-Woolco- Woolworths-Grand-General- SuperSaver-Western- Pace-Warehouse- OneSource-InterSpar) If the mergers commission makes no objections the new entity could be re-branded as “The Company”.
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