GlaxoSmithKline names new board member and future chairman

GlaxoSmithKline has announced the appointment of Sir Philip Hampton to its board as a non-executive director, effective as of January 1st 2014.

Sir Philip has been chairman of the Royal Bank of Scotland Group (RBS) since February 2009, while he has also held key roles at Sainsbury's, Lloyds TSB, BT, British Gas and British Steel. He is set to leave RBS next year.

Following his appointment, the new director will take over as deputy chairman on April 1st 2015, before eventually succeeding Sir Christopher Gent as non-executive chairman by September 1st at the latest.

This follows an extensive succession planning process undertaken by the board over the last two years.

Sir Deryck Maughan said: "GlaxoSmithKline is well positioned for the future, with a strong research and development pipeline and the impending transformative asset transaction with Novartis announced in April. Sir Philip's appointment provides a clear plan of succession."

The Novartis deal will see GlaxoSmithKline purchase the former company's vaccines business, while selling off its oncology division. Additionally, the two firms have agreed to launch a joint consumer healthcare business.