GlaxoSmithKline said on February 26 that its chairman-designate Philip Hampton would take charge of Britain's biggest drugmaker from May 7, an earlier transition than initially anticipated. Hampton, who chairs Royal Bank of Scotland, was named as the pharmaceutical company's next chairman last September, but GSK said at the time he might not take up the position until September 01, 2015, if he could not be released from other commitments.
In the event, Hampton is now able to take over with effect from the drugmaker's next annual meeting, following the appointment of Howard Davies as his successor at RBS.
Hampton is taking over at a testing time. GSK was hit last year by a record fine of nearly $500 million in China for bribing doctors and has disappointed investors with weak sales of its core respiratory drugs.
The poor performance was reflected in a big cut in the bonus paid to Chief Executive Andrew Witty, according to the company's annual report released on February 26. Witty was awarded a bonus of 917,000 pounds ($1.4 million) for 2014, a reduction of 51 percent compared to 2013.
Hampton will replace Chris Gent, who has chaired GSK since 2005, having previously led mobile phone company Vodafone during a period of rapid growth.