Philip Hampton, chairman of GlaxoSmithKline plans to step down after the UK’s biggest drugmaker prepares to split its business into two businesses – one for prescription drugs and vaccines, the other for over-the-counter products.

GSK's Chief Executive Emma Walmsley announced in December 2018 that GSK and Pfizer in an all-equity transaction would bundle their respective consumer health businesses into a joint venture with sales of £8 billion. The jv would be owned to 68% by GSK.

Hampton, who took on the GSK chairman’s role just after a profit warning in 2014, said in a statement he believes “this is the right moment to step down and allow a new chair to oversee this process through to its conclusion over the next few years”.  

According to reports the 65-year old earns an annual salary of £70000 a quarter of which is paid in company shares. He took the top job in 2014, just as GSK issued a profit warning, and was tasked with helping steer the company back to sustainable growth.

GSK said it has started the search for a successor.