Sir Philip Hampton | |
|---|---|
| Born | (1953-10-05)5 October 1953 (age 72) United Kingdom |
| Alma mater | University of Oxford INSEAD |
| Occupation | Businessman |
Sir Philip Roy Hampton (born 5 October 1953) is a British businessman. He was the first chairman ofUK Financial Investments Limited in 2008 and chairman of government-ownedThe Royal Bank of Scotland Group between 2009 and 2015. He has also chairedGlaxoSmithKline andJ Sainsbury.
Hampton gained an MA in English fromLincoln College, Oxford, in 1975.[1] He joined the accounting firmCoopers & Lybrand the same year, qualified as achartered accountant in 1978, and then trained as anauditor, working in London and west Africa.[1] He took anMBA fromINSEAD from 1980 to 1981,[1] and returned to joinLazardsinvestment bank for nine years.[2] Working on mergers, acquisitions, business restructurings andcapital markets; in 1986 he was seconded toLazard Freres, New York, and also worked extensively with Lazard Freres in Paris.[1]
Since then Hampton has been finance director at a number of companies:[3]
Hampton was appointed chairman ofJ Sainsbury plc, parent company of the Sainsbury's chain of supermarkets, on 19 July 2004. His appointment came at a significant time for the retailer;Sir Peter 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 ofSir Ian Prosser as chairman andJustin King had been appointed chief executive in March 2004. Hampton was described by then BBC Business EditorJeff 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.[5] In November 2009,David Tyler took over as chair of Sainsbury's.[6]
In the 2004 Budget, Hampton was asked to lead a review of regulatory inspection and enforcement. This review produced theHampton Report, which led to theRegulatory Enforcement and Sanctions Act 2008.
Hampton was knighted in theNew Year Honours 2007.[7]
On 3 November 2008, the government createdUK Financial Investments Limited, and Philip Hampton was appointed as its first chairman. The company was set up to manage the UK government's shareholding in banks, which it had gained from banks subscribing to its recapitalisation fund during the2008 financial crisis. He resigned to joinRoyal Bank of Scotland as deputy chairman on 19 January 2009 and was promoted to chairman on 3 February the same year. At that time, UK Financial Investments was majority shareholder of RBS, owning 58%.
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.[8] 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.[9][10][11][12][13][14][15] Hampton made the decision to turn down his £1.4m bonus before the uproar over Stephen Hester's bonus.[16]
He stayed at RBS until September 2015,[17] joining GlaxoSmithKline until August 2019.[18]
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