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GSK confirms RBS’ Sir Philip Hampton as new chairman
GlaxoSmithKline (GSK) has confirmed that Royal Bank of Scotland (RBS) chairman Sir Philip Hampton has been appointed to lead its board.
The pharmaceutical giant said this morning that Hampton will join as non-executive director on 1 January next year, assuming the role of chairman from Sir Christopher Gent from 1 September.
Although RBS did not give a departure date, it said Hampton will leave "during 2015" to focus on the GSK role, "in line with his longstanding intention to service in the role for between five and seven years".
Hampton, who was parachuted in to help turn the bank around in 2009, said it had been a "privilege" to serve as its chairman.
I am looking forward to working with my colleagues in the months ahead as we work to implement the bank's strategy and continue to improve the support we provide to our customers.
In the five years since Hampton was appointed, RBS' has been radically restructured, shrinking the size of its investment arm in favour of a greater focus on retail banking.
Although the bank, which is 81 per cent owned by the taxpayer, has yet to be re-privatised, earlier this year it posted results showing pre-tax profits are likely to double to £2.65bn in the first half of the year.
Shares in RBS opened 1.2 per cent higher, while GSK's shares rose 0.9 per cent.