The Royal Bank of Scotland on Thursday announced that its chairman, Philip Hampton, would step down from its board a year from now and would join the British pharmaceutical company GlaxoSmithKline. GSK which was recently fined $500Mn in China last week over bribery charges welcomes its new member Hampton at a very tough time.
Hampton, chairman of R.B.S since 2009, will commence serving as a GSK chief on Jan. 1 succeeding Christopher Gent as GSKs chairman. Hampton would leave the company next year, once his successor has been appointed. The bank said Hampton’s departure was in accordance with his longstanding proposition to serve in the role for five to seven years.
“It has been a privilege to serve as chairman of R.B.S. since 2009,” Mr. Hampton said in a statement. “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.”
R.B.S happens to be undergoing one of the most major transitions this year. Ross Mcewan, CEO of R.B.S, is attempting to change the bank's aim from being a worldwide investment bank to turning into a smaller financial institution in Britain. That encompasses auctioning or turning off stakes, as it did in the IPO of the Citizens Financial Group in the United States this week. In the recent quarters, as its results have improved, it has also received warning that legal action and legacy issues could damage its future quarter results.
Mr. Hampton's taking off proceeds with a string of shake-ups in British financial institutions boardroom recently. Not long ago, Barclays said that John Mcfarlane would venture down as chairman of Aviva, the British insurer, and succeed David Walker, the bank's chairman, who is scheduled to resign a year from now.
Mr. Mcfarlane, the former head of Citigroup in Britain and Ireland and the previous CEO of the Australia and New Zealand Banking Group, is set to take control at the insurer from Adrian Montague, an Aviva board part and chairman of the private equity firm 3i Group and of the British life insurer Friends Provident.
Not long ago, Norman Blackwell assumed control as chairman of Lloyds Banking Group from Winfried Bischoff, the previous Citigroup chairman.
Before joining R.B.S., Hampton was chairman of the Sainsbury and served as finance director at a few organizations, including the BT Group, British Gas and Lloyds TSB Group, which is currently known as the Lloyds Banking Group. In the past served, he served as a chairman of United Kingdom Financial Investments, which deals with the British government's holdings in banks that are bailed-out, including R.B.S.