FORMER CHAIRMAN of the Royal Bank of Scotland Sir Phillip Hampton has taken a non-executive directorship with pharmaceutical GlaxoSmithKline, eventually culminating in the chairmanship.
Sir Philip, who has seved as group finance director of Lloyds TSB Group, BT Group, BG Group, British Gas and British Steel, will join the board from 1 January 2015 and will become deputy chairman with effect from 1 April 2015. He will succeed Sir Christopher Gent as non-executive chairman on 1 September 2015, or at an earlier date if released from other commitments.
He will receive £85,000 a year as non-executive director, of which he will receive £63,750 as cash together with GSK ordinary shares of £21,250. When he takes on deputy chairmanhip, he will receive £350,000, comprising £262,500 in cash together with GSK ordinary shares to the value of £87,500. On his appointment as chairman, he will receive total fees of £700,000 a year, comprising £525,000 in cash together with GSK ordinary shares to the value of £175,000.
He has been chairman of the Royal Bank of Scotland Group since February 2009 and in addition to his FD roles has served as an executive director of Lazards and a non-executive director at RMC Group and Belgacom. He is also a former chairman of UK Financial Investments, which manages the UK government’s shareholdings in banks.
Sir Philip is senior independent director of Anglo American, chairman of their remuneration committee and member of their audit committee.
Senior independent non-executive director Sir Deryck Maughan said: “We are delighted Sir Philip is joining the GSK board to succeed Sir Christopher as chairman. GSK is well positioned for the future, with a strong R&D pipeline and the impending transformative asset transaction with Novartis announced in April. Sir Philip’s appointment provides a clear plan of succession and we welcome him to our board.”