Glaxosmithkline chairman Sir Philip Hampton to step down

The chairman of Glaxosmithkline (GSK), the UK’s largest drug manufacturer, has announced he will step down as chairman after less than four years in the role.

Sir Philip Hampton’s decision to leave the company comes a month after GSK announced it has entered into agreement with US rival Pfizer to combine their consumer health businesses into a joint venture.

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GSK has begun the search for a successor, the group confirmed this morning.

Sir Philip said: “It is a privilege to serve as chairman of GSK. It is one of the UK’s great companies and under Emma Walmsley’s leadership, GSK has made very good progress with a new strategy and new approach to R&D.

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“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 through to its conclusion over the next few years and to lead the board into this next phase for GSK.”

Vindi Banga, GSK's senior independent director, said: "The group has a clear strategy, is delivering improved operating performance and has a clear pathway forward, this is a good time to start the process to find Philip's successor."