He said GSK is not reviewing, has no plans to launch a review and continues to have the same working relationship with incumbent agency MediaCom it has had for more than 20 years.
The man responsible for three product divisions of the firm's media business across the UK, France, Germany, Spain, Italy, The Netherlands and beyond, was keen to set the record straight following recent reports of a £300m global media review.
Bolden said: "To say we have launched a review is simply not true. We have no local or global media reviews taking place at this time. We continue to have a working relationship with MediaCom, as we have done for many years.
"We have been forced to issue a release internally and spend a lot of time on reassuring everyone it is business as usual. It is a mystery to everyone right up to the top level where the story has come from."
The claim that GSK is reviewing comes amid a highly volatile time for the traditional media planning and buying business.
The global economic recession has forced clients to revise their marketing budgets and attempt to find economies of scale while squeezing agency profit margins at local and international level.
There has been unprecedented pitch activity involving big-ticket media business over the last 18 months, and more than 12% of the UK's TV buying business is still currently under review, according to figures from The Nielsen Company.
The volume, intensity and size of new business moves has created a paranoia around London's media village, and speculation and counter-speculation about potential reviews is rife.
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