Early step down by GSK chairman

Sir Philip Hampton, GSK chairman is to step down just a month after the UK drug manufacturer announced a break-up that will ditch its established vaccines to toothpaste.  Emma Walmsley, GSK CEO unveiled plans late last year to split the company in two, creating a £9.8bn consumer health business through a joint venture with US rival Pfizer.

Sir Philip who would have completed five years on the board when he stepped down said “ 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.”

One top 10 shareholder suggested it was critical to ensure that the pharma business developed into “ a self-funding entity” within the three-year time frame set for the break-up. The investor also praised Sir Philip for his choice of Ms Walmsley as CEO and for helping to overturn the civil service like culture that had prevailed at GSK.

Sir Philip who became the chairman of GSK in 2015, having previously chaired RBS and J Sainsbury and served as finance director for a several companies including Lloyds TSB and BG Group.