GSK chairman Philip Hampton to step down ahead of split

By PharmaCompass

2019-01-24

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Last month, British drug major, GlaxoSmithKline Plc (GSK) had announced its bold plan of splitting the company into two businesses — one for prescription drugs and vaccines, and the other for OTC products.

As GSK prepares to split its business into two, its chairman Philip Hampton (aged 65 years) has said he will step down from the role.

According to Financial Times, his decision to resign follows pressure from investors who are concerned that the company’s share price had underperformed the global pharma and biotech sector. Hampton has been the chairman of GSK since May 2015.

Last month, GSK’s CEO Emma Walmsley had announced that GSK and Pfizer would combine their consumer health businesses in a joint venture with sales of US$ 12.7 billion, in an all-equity transaction. The joint venture was to be 68 percent-owned by GSK.

“Following the announcement of our deal with Pfizer and the intended separation of the new consumer business, I believe 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,” Hampton said in a statement.

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“ The article is based on the information available in public and which the author believes to be true. The author is not disseminating any information, which the author believes or knows, is confidential or in conflict with the privacy of any person. The views expressed or information supplied through this article is mere opinion and observation of the author. The author does not intend to defame, insult or, cause loss or damage to anyone, in any manner, through this article.”

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