GlaxoSmithKline chairman to step down ahead of split

GlaxoSmithKline Plc Chairman Philip Hampton announced he'll step down after more than three years in the role.

The decision comes ahead of the United Kingdom's largest drugmaker splitting into two businesses: one for prescription drugs and vaccines and one for over-the-counter products.

"I believe this is the right moment to step down and allow a new chair to oversee this process through to its conclusion over the next few years," Hampton said in a statement.

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