Philip Hampton

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Sir Philip Hampton
Born (1953-10-05) 5 October 1953
United Kingdom
Alma mater Lincoln College, Oxford
Occupation Chairman, The Royal Bank of Scotland Group

Sir Philip Roy Hampton (born 5 October 1953) is a British businessman, currently chairman of the Royal Bank of Scotland. Originally he joined RBS as the deputy chairman on 19 January 2009 and was promoted to chairman on 3 February the same year. He has previously held the chairman role at J Sainsbury plc, parent company of the Sainsbury's chain of supermarkets, and the role of group finance director of a number of blue chip companies including Lloyds Banking Group plc, BT Group plc, BG Group plc, British Gas plc and British Steel plc.[1] before becoming the first Chairman of UK Financial Investments Limited in 2008, the post he left to join RBS.

Biography

Hampton gained an MA in English from Lincoln College, Oxford University in 1975.[2] He joined the accounting firm Coopers & Lybrand the same year, qualified as a chartered accountant in 1978, and then trained as an auditor, working in London and west Africa.[2] He took an MBA from INSEAD from 1980 to 1981,[2] and returned to join Lazards investment bank for nine years.[3] Working on mergers, acquisitions, business restructurings and capital markets; in 1986 he was seconded to Lazard Freres, New York, and also worked extensively with Lazard Freres in Paris.[2]

Since then Hampton has been:

  • British Steel - Group Finance Director from 1990 to 1995; the company were a former client at Lazards
  • British Gas plc - Group Finance Director from 1995 to 1997; oversaw double-demerger of Centrica and then Lattice Group[4]
  • BG Group - Group Finance Director from 1997 to 2000
  • British Telecom - Group Finance Director from 2000 to 2002
  • Lloyds TSB - Group Finance Director from 2002 to 2004

Hampton was appointed Chairman of J Sainsbury plc on 19 July 2004 to replace Sir Peter Davis. His appointment came at a significant time for the retailer; 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 of Sir Ian Prosser as Chairman and Justin King had been appointed Chief Executive in March 2004. Hampton was described by then BBC Business Editor Jeff 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 Chairman of Sainsbury's.

In the 2004 Budget, Hampton was asked to lead a review of regulatory inspection and enforcement. This review produced the Hampton Report, which led to the Regulatory Enforcement and Sanctions Act 2008. On 3 November 2008, Philip Hampton was appointed as chairman of UK Financial Investments Limited, the firm set up to manage the UK government's shareholding in banks subscribing to its recapitalisation fund. He resigned to join RBS in January 2009.

Hampton was knighted in the New Year Honours 2007.

In late January 2012, Hampton okayed a bonus of £1.2m to chief executive Stephen Hester for "helping recover RBS" and that he would most likely resign if not paid the bonus on top of his £1m wage.[6]

RBS Board revolts

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.[7] 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 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.[8][9][10][11][12][13][14] Hampton made the decision to turn down his £1.4m bonus before the uproar over Stephen Hester's bonus.[15]

Personal life

A keen sailor, the father of two teenage sons has taken part in the ARC transatlantic yacht race. He currently lives in East Horsley, Surrey.

References

  1. ↑ RBS Board
  2. ↑ 2.0 2.1 2.2 2.3 "Philip Hampton". HM Treasury. Retrieved -2009-01-19. 
  3. ↑ Butler, Sarah (2007-09-20). "Business big shot Sir Philip Hampton". The Times (London). Retrieved 2010-05-22. 
  4. ↑ "Philip Hampton to quit struggling BT within year". The Independent (London). 2001-11-05. Retrieved 2010-05-22. 
  5. ↑ http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2006-06-21T085610Z_01_LAD002533_RTRUKOC_0_UK-RETAIL-SAINSBURY.xml&archived=False
  6. ↑ http://www.bbc.co.uk/news/business-16751691 | date=2009-01-27
  7. ↑ "RBS board could quit over bonuses". BBC News. 2009-12-03. Retrieved 2010-05-22. 
  8. ↑ "Treasury feared Hester and board would quit". BBC News. 2012-01-26. 
  9. ↑ Watt, Nicholas; Elliott, Larry; Treanor, Jill (2012-01-27). "Stephen Hester bonus puts David Cameron under pressure". The Guardian (London). 
  10. ↑ Tyler, Richard (2012-01-28). "Sir Philip Hampton waives £1.4m share award". The Daily Telegraph (London). 
  11. ↑ "RBS chairman waives share-based bonus". Reuters. 2012-01-28. 
  12. ↑ Shipman, Tim. "David Cameron has failed the Borgen test on Hester's bonus". Daily Mail (London). 
  13. ↑ http://www.metro.co.uk/news/888045-ed-miliband-david-cameron-must-block-stephen-hesters-bonus
  14. ↑ http://www.ft.com/cms/s/0/a4ba3c32-4843-11e1-941c-00144feabdc0.html#axzz1klLJdjwt
  15. ↑ "RBS chairman rejects £1.4m bonus". BBC News. 2012-01-28. 

External links

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