Royal Bank of Scotland has announced its chairman Sir Philip Hampton is to step down next year.
The bank says Hampton, who has served as chairman for five years, will leave during 2015 after a successor has been appointed.
He will become a non-executive director on the board of GlaxoSmithKline from January 2015 and will become chairman of the company in September 2015.
Hampton says: “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.”