Philip Hampton to Take Over as Glaxosmithkline Plcs Chairman
Published By : 05 May 2015 | Published By : QYRESEARCH
According to the sources, Philip Hampton is going to take over as the chairman of GlaxoSmithKline Plc, as the Chief Executive Officer of GlaxoSmithKline Plc, Andrew Witty is taking efforts to win back favor of investors.
Andrew Witty, who had led the biggest drug manufacturer company of Britain from the year 2008, is facing a lot of criticism for GlaxoSmithKline’s lagging share performance and an inadequate pipeline of promising drugs. A bribery scandal which had happened in China in the previous year has resulted in a heavy fine of US$489 million and the sluggish U.S. sales also took back the support.
A fund manager at the Liontrust Asset Management in London who holds some shares of Glaxo, Stephen Bailey, stated that Mr. Andrew Witty has very little time in hand. He further stated that either Mr. Andrew Witty have to show results in the next 12 months or he will be left with only one option of stepping aside.
Hampton was handling the board of Royal Bank of Scotland Group Plc, where he was presided around 90,000 job cuts and a partial dismantling of the firm, which resulted in the biggest bank bailout of U.K. Before all that, he also witnessed a turnaround being the chairman of retailer J Sainsbury Plc.
He is going to replace Christopher Gent as GlaxoSmithKline’s chairman on Thursday; a day after the company reports its first-quarter results and takes a meeting for investors. Both Witty and Hampton has refused to give an interview through GlaxoSmithKline’s press office.
According to the data provided by the Bloomberg show, GlaxoSmithKline is trailing its 11 largest rival companies in terms of annual revenue growth. Its stock went down by 7% in the last year, through the previous week, if compared with a 30% rise in the Europe Bloomberg Pharmaceuticals Index.