Bengaluru — GlaxoSmithKline chair Philip Hampton will step down after more than three-and-a-half years in the role, as Britain's biggest drug maker prepares to split its business into two. The announcement comes a month after Glaxo's CEO, 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 Glaxo and Pfizer would combine their consumer health businesses in a joint venture with sales of £9.8bn, 68%-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. Hampton was paid a sum of £700,000, of which he elected to take 25...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now