GlaxoSmithKline starts search for new chairman as Philip Hampton to depart

GlaxoSmithKline said Monday that chairman Philip Hampton plans to step down from his position and the process to find a successor has been initiated. Hampton joined the drugmaker's board at the start of 2015, becoming chairman later that year.

Commenting on his decision, Hampton remarked "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." Late last year, GlaxoSmithKline and Pfizer agreed to merge their consumer healthcare businesses, with the UK drugmaker noting that the move also "lays the foundation" for it to eventually split into two companies, with one focused on pharmaceuticals and vaccines.

GlaxoSmithKline's planned separation comes after CEO Emma Walmsley unveiled a strategy in 2017 to help mitigate the impact of pricing pressures on its current portfolio. Hampton added that under Walmsley's leadership, the company "has made very good progress with a new strategy and new approach to R&D."

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