Royal Bank of Scotland’s (RBS) chairman Sir Philip Hampton is set to step down from his position to take a similar role at pharmaceutical company GlaxoSmithKline.
Hampton is expected to leave as chairman at RBS next year. He will be replacing Sir Christopher Gent at GSK as non-executive director.
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Additionally, Hampton will remain on the RBS board until May to ensure a smooth transition when a new government is elected.
RBS is now likely to speed up the search for a successor to Hampton with RBS’s senior independent director Sir Sandy Crombie considered to be a strong internal candidate for the role.
Hampton served as chairman of RBS since 2009 when he was appointed to help rescue the bank following its £ 45bn ($74bn) bailout during the financial crisis.
Prior to joining RBS, Hampton served as the chair at supermarket group J Sainsbury. He previously also served as group finance director of Lloyds TSB Group, BT Group and British Steel and was also a former chairman of UK Financial Investments.
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