RBS Head Philip Hampton to become GlaxoSmithKline Chairman Next Year
After serving as a chairman of the Royal Bank of Scotland for five years, Sir Philip Hampton has planned to step down to take up the same position at British pharmaceutical group GlaxoSmithKline (GSK).
GSK announced that Mr. Hampton would replace Christopher Gent, who has chaired the board of the pharmaceutical giant for the past decade.
RBS said that Mr. Hampton would leave the bank next year, when his successor is slated to be appointed. RBS has already appointed head hunter Egon Zehnder to find a replacement for Sir Hampton.
Before joining RBS, Sir Hampton was the chairman of the supermarket chain J Sainsbury and also served as group finance director at several companies, including BT Group, British Gas, and the Lloyds TSB Group, which is now known as the Lloyds Banking Group.
He also served as chairman of United Kingdom Financial Investments, which manages the British government's holdings in bailed-out banks, including RBS.
Mr. Hampton joined RBS in January 2009 and has helped guide the bank after its $74.3 billion government bailout. Now, he will be joining GSK in the wake of a Chinese corruption scandal at the pharmaceuticals firm.
Last week, a Chinese court found GSK'S local subsidiary guilty of bribery and fined the company with 3 billion yuan ($490 million). Also, firm's former head of China operations, Mark Reilly and four other ex-officials were given suspended sentences of between two and four years in prison.
Mr. Hampton said, "It has been a privilege to serve as chairman of RBS since 2009. 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".
Shares of RBS were almost 1% up to 3.65 pounds, in London on Thursday.
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