Royal Bank of Scotland today confirmed that Sir Philip Hampton, who has been its chairman since 2009, is to leave the bank next year to take up the same role at GlaxoSmithKline (GSK).
Hampton will succeed former Vodafone chief executive Sir Christopher Gent, who has been at the helm of the drugs giant since the start of 2005.
RBS, which is 80 per cent owned by the taxpayer, said Hampton will leave the lender next year after a suitable successor has been appointed to replace him.
The Edinburgh-based group said his departure “will be in line with his longstanding intention to serve in the role for between five and seven years”.
GSK said Hampton, a former chairman of Sainsbury’s, will join its board at the start of January and will become its chairman from September.
Last week, a Chinese court fined the group a record £297 million for bribing doctors and hospitals to use its products.