Glaxo Smith Kline Chairman Philip Hampton to step down

The announcement comes a month after GSK's Chief Executive Emma Walmsley announced her boldest plans yet - to split the company into two businesses -- one for prescription drugs and vaccines, the other for over-the-counter products. Walmsley, who took the helm in 2017, announced in December that GSK and Pfizer would combine their consumer health businesses in a joint venture with sales of 9.8 billion pounds ($12.7 billion), 68 per cent-owned by the British company, in an all-equity transaction.

"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.

Before joining GSK, Hampton was chairman of Royal Bank of Scotland Group Plc and J Sainsbury Plc.

GSK, which is looking to buy early-stage assets and partner with companies, said it had started the search for a successor.