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 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.
[7] On 3 November 2008, the government created UK Financial Investments Limited, and Philip Hampton was appointed as its first chairman.
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.