(Reuters) -British drugmaker GSK named insider Luke Miels as its CEO designate on Monday to succeed Emma Walmsley, who will step down after nine years in the role.

Miels will be tasked with leading a new phase for the company and delivering GSK’s sales target of more than 40 billion pounds ($53.78 billion) by 2031.

He will assume full responsibilities as CEO on January 1.

REMUNERATION:

Miels’ starting annual base salary will be 1.38 million pounds, below Walmsley’s current salary, GSK said. Walmsley’s 2025 salary is 1.43 million pounds, according to GSK’s annual report.

He will also receive an on-target yearly bonus of 150% and a long-term incentive grant 7.25 times his salary.

WHO IS MIELS?

Miels, 50, joined GSK as its chief commercial officer in 2017, managing its global medicines

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