GlaxoSmithKline (GSK) has confirmed Sir Philip Hampton will become its new chairman by September next year.
The announcement, which confirmed an earlier story by Sky News, clarified a staged introduction to the GSK board as he remains chair of Royal Bank of Scotland (RBS).
GSK said: "Sir Philip Hampton will join the Board of the company as Non-Executive Director from 1 January 2015 and will become Deputy Chairman with effect from 1 April 2015.
"He will succeed Sir Christopher Gent as Non-Executive Chairman with effect from 1 September 2015, or at an earlier date if released from other commitments".
The statement revealed Sir Philip would receive a package of £700,000 a year - the bulk of which would be in cash - once he assumed the role of chairman at Britain's biggest pharmaceuticals firm.
The announcement was made just days after GSK was fined nearly £300m for bribery by Chinese authorities.
Sir Philip took his role at RBS at the height of the financial crisis following the bank's taxpayer bailout.
He said: "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".
RBS added that the process for selecting his replacement was continuing.
The appointment of Sir Philip to the GSK board is likely to be welcomed by investors, who are keen for the company's board to be strengthened with greater corporate experience.
A former finance director of BT, Sir Philip has also held the same role at British Gas and British Steel.
The process of recruiting a new chairman at GSK was complicated by the need of RBS to appoint a successor to Sir Philip, who is likely to want to know which party will form the next government given the state's majority stake in the bank.
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