The gatefold ad, by Ogilvy & Mather, featured an old woman flanked by two bare-chested male models and the line: "Providing energy since 1927." However, Ross Brown, FHM's editor, believed that readers would not appreciate the image of an older woman.
He said: "It's my job as editor to ensure that the advertising in FHM matches the magazine's editorial message."
FHM has reshot the ad with an old man and two lingerie-clad young women.
A GlaxoSmithKline spokeswoman said the company hoped to run the original ad elsewhere next year, adding that the new ad will only be appearing in FHM.
FHM's commercial director, Andrew Morley, defended the decision to reshoot the ad. He said: "We understand our readers better than anyone else."
