LONDON (Alliance News) - GlaxoSmithKline PLC on Monday said Non-Executive Chairman Philip Hampton will step down and the search for his successor has begun.
Hampton, who was appointed as chairman of the pharmaceutical firm back in 2015, has "informed the board of his intention to step down".
Glaxo said it has "started the process to find a successor". No date for Hampton's departure from Glaxo was announced on Monday.
"Following the announcement of our deal with Pfizer Inc 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 and to lead the board into this next phase," Hampton said.
In December, Glaxo announced that it will combine its consumer healthcare business with that of the US's Pfizer, creating a new joint venture. The combination will have sales of GBP9.8 billion, and GSK will have a majority controlling equity interest of 68%.
Glaxosmithkline (GSK)