Dettol Maker Reckitt Benckiser S Boss Unexpectedly Quits Reckitt Benckiser

Laxman Narasimhan will step down as chief executive on September 30, despite being part way through a turnaround plan that began after he joined in September 2019. Shares in the Slough-based company, whose brands also include Durex condoms, Calgon detergent and Nurofen painkillers, were down 4.5% on Thursday morning. It was worth around £48 billion before the announcement. Narasimhan said: “I have been offered the opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family.” Narasimhan was one of the best-paid chief executives in the FTSE 100. He received total pay of £6m in 2021 and £8.4m in 2020, when the company benefited from increased sales of disinfectants from germ-fighting shoppers during the coronavirus pandemic. Part of his fee included tax advice to help with his US relocation. The company’s senior independent director, former British American Tobacco chief Nicandro Durante, will step in as interim chief executive while the company tries to find a long-term replacement. Narasimhan’s departure comes as consumer firms prepare for an expected recession in many leading economies, including the UK, with household spending power reduced due to rising energy prices. Reckitt has been protecting its profits in recent months by raising prices by more than 10%. So far 17 top-ranking changes have been announced for FTSE 100 companies in 2022, according to research by AJ Bell, an investment platform. Maryum Ali, an analyst at credit rating agency CreditSights, said the announcement was “certainly a surprise”, especially as Reckitt is in the middle of a “major overhaul”. “Reckitt Benckiser has made good progress with the strategic plan so far, although it has arguably benefited from the pandemic’s boost,” he wrote in a note to clients. However, he warned that the change in leadership raises questions about whether he will stick to the same strategy in the long term. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The company said it was a “well-invested, resilient business with a clear strategy and purpose” and would stick to the strategy set out by Narasimhan. Durante said the “transformation agenda” led by Narasimhan and the group’s executives was “exciting” and “delivering results”, adding: “I look forward to continuing the momentum.” Chris Sinclair, chairman of Reckitt, said Narasimhan’s departure was prompted by his desire to live in the US and thanked him for his work.

title: “Dettol Maker Reckitt Benckiser S Boss Unexpectedly Quits Reckitt Benckiser Klmat” ShowToc: true date: “2022-11-05” author: “Janet Myers”

Laxman Narasimhan will step down as chief executive on September 30, despite being part way through a turnaround plan that began after he joined in September 2019. Shares in the Slough-based company, whose brands also include Durex condoms, Calgon detergent and Nurofen painkillers, were down 4.5% on Thursday morning. It was worth around £48 billion before the announcement. Narasimhan said: “I have been offered the opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family.” Narasimhan was one of the best-paid chief executives in the FTSE 100. He received total pay of £6m in 2021 and £8.4m in 2020, when the company benefited from increased sales of disinfectants from germ-fighting shoppers during the coronavirus pandemic. Part of his fee included tax advice to help with his US relocation. The company’s senior independent director, former British American Tobacco chief Nicandro Durante, will step in as interim chief executive while the company tries to find a long-term replacement. Narasimhan’s departure comes as consumer firms prepare for an expected recession in many leading economies, including the UK, with household spending power reduced due to rising energy prices. Reckitt has been protecting its profits in recent months by raising prices by more than 10%. So far 17 top-ranking changes have been announced for FTSE 100 companies in 2022, according to research by AJ Bell, an investment platform. Maryum Ali, an analyst at credit rating agency CreditSights, said the announcement was “certainly a surprise”, especially as Reckitt is in the middle of a “major overhaul”. “Reckitt Benckiser has made good progress with the strategic plan so far, although it has arguably benefited from the pandemic’s boost,” he wrote in a note to clients. However, he warned that the change in leadership raises questions about whether he will stick to the same strategy in the long term. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. The company said it was a “well-invested, resilient business with a clear strategy and purpose” and would stick to the strategy set out by Narasimhan. Durante said the “transformation agenda” led by Narasimhan and the group’s executives was “exciting” and “delivering results”, adding: “I look forward to continuing the momentum.” Chris Sinclair, chairman of Reckitt, said Narasimhan’s departure was prompted by his desire to live in the US and thanked him for his work.