Sir Philip Hampton
|Born||5 October 1953|
|Alma mater||University of Oxford|
Sir Philip Roy Hampton (born 5 October 1953) is a British businessman, and the current chairman of GlaxoSmithKline. Originally he joined RBS as the deputy chairman on 19 January 2009 and was promoted to chairman on 3 February the same year. He has previously held the chairman role at J Sainsbury plc, parent company of the Sainsbury's chain of supermarkets, and the role of group finance director of a number of blue chip companies including Lloyds Banking Group plc, BT Group plc, BG Group plc, British Gas plc and British Steel plc. before becoming the first chairman of UK Financial Investments Limited in 2008, the post he left to join RBS.
Hampton gained an MA in English from Lincoln College, Oxford, in 1975. He joined the accounting firm Coopers & Lybrand the same year, qualified as a chartered accountant in 1978, and then trained as an auditor, working in London and west Africa. He took an MBA from INSEAD from 1980 to 1981, and returned to join Lazards investment bank for nine years. Working on mergers, acquisitions, business restructurings and capital markets; in 1986 he was seconded to Lazard Freres, New York, and also worked extensively with Lazard Freres in Paris.
Since then Hampton has been:
- British Steel plc – group finance director from 1990 to 1995; the company were a former client at Lazards
- British Gas plc – group finance director from 1995 to 1997; oversaw double-demerger of Centrica and then Lattice Group
- BG Group – group finance director from 1997 to 2000
- British Telecom – group finance director from 2000 to 2002
- Lloyds TSB – group finance director from 2002 to 2004
Hampton was appointed chairman of J Sainsbury plc on 19 July 2004 to replace Sir Peter Davis. His appointment came at a significant time for the retailer; Davis had been forced out as chairman by shareholders due to an extremely generous bonus package despite his dubious performance as chairman and previously as CEO, another shareholder revolt in February 2004 had caused the company to abandon the appointment of Sir Ian Prosser as chairman and Justin King had been appointed chief executive in March 2004. Hampton was described by then BBC Business Editor Jeff Randall as "a well-respected City figure" and a "safe pair of hands". Under the King/Hampton leadership Sainsbury's regained some market share and in June 2006 reported its highest sales increase in four years. In November 2009, David Tyler took over as chairman of Sainsbury's.
In the 2004 Budget, Hampton was asked to lead a review of regulatory inspection and enforcement. This review produced the Hampton Report, which led to the Regulatory Enforcement and Sanctions Act 2008. On 3 November 2008, Philip Hampton was appointed as chairman of UK Financial Investments Limited, the firm set up to manage the UK government's shareholding in banks subscribing to its recapitalisation fund. He resigned to join RBS in January 2009.
Philip Hampton is set to step down as the chairman of Glaxo Smith Kline in 2019.
RBS Board revolts
In December 2009, the board of RBS warned their major shareholder, the British public, that they would resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm. The matter received heavy criticism because it followed a £42bn taxpayer bailout of the banking system.
In January 2012, the board of RBS paid a bonus of £963,000 to Stephen Hester, the then chief executive. The Treasury permitted the payment because they feared Mr Hester and much of the board would have quit if the payment had been vetoed by the government as the majority shareholder. Hampton made the decision to turn down his £1.4m bonus before the uproar over Stephen Hester's bonus.
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