James Murdoch is to step down from the board of pharmaceutical giant GlaxoSmithKline, the company announced today.
Murdoch, who has recently been the focus of much controversy following the phone-hacking scandal surrounding News International's now-dissolved publication News of the World, joined the Glaxo board back in 2009 as a non-executive director.
He has decided not to stand for re-election this year in order to focus on his current duties as the non-executive Chairman of pay-TV and broadband group British Sky Broadcasting. He has also recently re-located to the US where he operates as Chairman and Chief Executive of the International division of media giant News Corp, run by his father Rupert Murdoch.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
According to a Glaxo spokesman speaking to the Wall Street Journal, the company did not ask him to leave; the decision was his own.
"On behalf of the Board, I would like to thank James for the very strong contribution he has made since he was appointed in 2009 and wish him well for the future," said Glaxo Chairman Sir Christopher Gent.
Meanwhile, the drugs company also announced numerous other changes to its board.
Tom de Swaan, a member of the remuneration committee since 2009, will succeed Sir Crispin Davis as Chairman of the committee at the start of 2013, after Davis decided not to stand for re-election. Judy Lewent will take over de Swaan's position as Chair of the audit and risk committee next year.
Sir Deryck Maughan will succeed Sir Robert Wilson as a senior independent non-executive director in 2013, after Wilson decided not to stand for re-election.
"These changes represent a proactive set of steps to ready the Board for future changes in its composition as a number of senior, long-standing Directors stand down in 2013," Gent said.
BC
