UK-listed Royal Bank of Scotland has announced that its chairman Sir Philip Hampton will leave the firm to become chairman of pharmaceutical giant GlaxoSmithKline after a suitable successor is appointed.

UK-listed Royal Bank of Scotland, parent of private banking house Coutts, has announced that its chairman Sir Philip Hampton will leave the firm to become chairman of pharmaceutical giant GlaxoSmithKline after a suitable successor is appointed.

Hampton will be appointed to the board as a non-executive with effect from 1 January 2015 and assume the role of chairman from 1 September 2015, RBS said in a statement.

He has been chairman at RBS since 2009, when he was brought in to help rescue the bank following its £45.5 billion ($73.5 billion) bailout by the UK government during the financial crisis.

“It has been a privilege to serve as chairman of RBS since 2009. I am looking forward to working with my colleagues in the months ahead as we work to implement the bank’s strategy and continue to improve the support we provide to our customers,” said Hampton.

Before joining RBS, Hampton was a finance director at Lloyds TSB, BT, BG Group, British Gas and British Steel.

The process for selecting the next chairman of RBS is being managed by the board’s nominations committee.