After pressure from investors, Philip Hampton will step down as chairman of drug giant GlaxoSmithKline, according to The Financial Times.
Mr. Hampton will leave his position after serving for less than four years. He was under pressure from investors who were concerned that the company was underperforming in comparison to other giants in the pharma and biotech sector.
Late last year, in a move to appease investors, Glaxo CEO Emma Walmsley announced plans to split the drugmaker into two units, including a consumer health unit business that is in partnership with Pfizer.
The search for Mr. Hampton's successor will take up to nine months, according to the report.
"Following the announcement of our deal with Pfizer and the intended separation of the new consumer business, I believe this is the right moment to step down and allow a new chair to oversee this process," Mr. Hampton said via a news release.