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RBS chairman stands down to join GlaxoSmithKline RBS chairman Sir Philip Hampton to join GlaxoSmithKline
(about 1 hour later)
Royal Bank of Scotland (RBS) chairman Sir Philip Hampton will leave to become GlaxoSmithKline's chairman, the two firms have said. Royal Bank of Scotland (RBS) chairman Sir Philip Hampton is to leave the bank to become GlaxoSmithKline's chairman.
Mr Hampton will join the UK pharmaceutical company in September next year. His departure had been expected. Sir Philip will join the UK pharmaceutical company in September next year.
He said it had been a "privilege to serve" at the Edinburgh-based bank. He joins at a tough time for GlaxoSmithKline, which was fined $489m in China last week over bribery charges.
Mr Hampton has been chairman at RBS, which is 80% owned by the taxpayer, since 2009. Sir Philip took the helm of RBS, which is 80% owned by the taxpayer, at the height of the financial crisis.
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." In a statement, he said: "It has been a privilege to serve as chairman of RBS since 2009.
"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."
Sir Philip has previously been finance director at Lloyds TSB, BT, British Gas and British Steel.
He is also a former chairman of UK Financial Investments, which manages the UK Government's shareholdings in banks.