12th Jun 2019 08:31
(Alliance News) - Reckitt Benckiser Group PLC on Wednesday said it has appointed PepsiCo Inc Global Chief Commercial Officer Laxman Narasimhan as its new chief executive officer.
Narasimhan will join UK consumer goods firm Reckitt on July 16 as CEO-designate and will become CEO at the start of September.
Narasimhan has been a member of PepsiCo's executive committee for the past four years, where he leads Strategy, Global Category Groups, and Global Research & Development for the US maker of Pepsi cola, Doritos tortilla chips and Quaker Oats.
Prior to becoming chief commercial officer, Narasimhan was senior vice president and chief financial officer of PepsiCo Americas Food.
PepsiCo said Narasimhan will be succeeded as global chief commercial officer by Ram Krishnan, who is currently CEO of Greater China for PepsiCo
As Reckitt CEO, Narasimhan's salary will be GBP950,000 with a pension allowance of 10% of salary. He is eligible for Reckitt's annual bonus plan targeting more than twice salary. He will receive a long-term incentive plan grant of 75,000 shares and 150,000 options for the three year performance period to 2021, followed by a two-year holding period. His share ownership requirement will be 200,00 shares.
Reckitt Chair Chris Sinclair said Narasimhan will initially "focus on delivering outperformance", particularly in Reckitt's Health business unit, and drive Reckitt's transformation plan, RB2.0, which involves the creation of two end-to-end accountable business units.
Narasimhan will succeed Reckitt's current boss, Rakesh Kapoor, who announced his intention to to retire back in January.
Shares in Reckitt were down 1.3% at 6,313.00 pence on Wednesday morning.
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