Britain’s biggest drugmaker GlaxoSmithKline could dip into Royal Bank of Scotland’s reserves to name Sir Philip Hampton as its new chairman.
GSK’s current chair, former Vodafone boss Sir Christopher Gent, is expected to stand down next year after nine years in the role, and veteran chairman Sir Philip is the name in the frame to replace him. Sir Philip has been at RBS for almost five years, most recently installing incoming chief executive Ross McEwan as Stephen Hester’s successor.
A source at RBS said Sir Philip, who has also chaired supermarket J Sainsbury, would be unlikely to leave imminently, with McEwan only starting his post in October. However, that would not rule out a potential departure announcement next spring at RBS’s AGM.
GlaxoSmithKline, which began the hunt for a successor to Sir Christopher last October, is facing a tumultuous time at the centre of allegations of a three billion yuan (£312 million) bribery scandal in China, and a new chair of its board could help chief executive Sir Andrew Witty steer the drugmaker through the crisis.
Sir Philip was part of a business delegation that travelled with David Cameron to China in 2010. He also has extensive experience with fire-fighting, having guided RBS through scandals including the bank’s £390 million settlement for Libor rate fixing and a £1.1 billion loss from mis-selling.
Spokesmen for GSK and RBS declined to comment.