Philip Hampton to step down from chairman role at GSK

Sir Philip Hampton is stepping down from his role as non-executive chairman of British multinational GlaxoSmithKline. The resignation comes just weeks after the firm announced it would split its business in two.

“Following the announcement of our deal with Pfizer and the intended separation of the new consumer business, I believe this is the right moment to step down and allow a new chair to oversee this process,” Hampton said.

Having previously taken on leadership positions in a number of major British companies including British Steel, British Gas, British Telecom and Lloyds TSB, Hampton was appointed chairman of J Sainsbury plc in July 2004. Hampton was later roped in to navigating the £45 billion bailout of RBS before becoming chairman of GSK in 2015.

Hampton joined Britain’s biggest drugmaker in a turbulent period for the firm. Sir Philip’s 2015 appointment came shortly after a profit warning in the previous year. Hampton was tasked with steering GSK back to sustainable profit.

His resignation comes after CEO Emma Walmsley announced that GSK and Pfizer would combine their consumer healthcare units into a joint venture with combined sales of £9.8 billion. The joint venture will be 68% owned by GSK, with the remaining shares owned by US firm Pfizer.

According to GSK’s annual report, Sir Philip was paid a sum of £700,000 in 2017. GSK have not said when Hampton will leave the firm, but the company are looking for a replacement chairman.  

Louis Goss