1st Sep 2022 09:01
(Alliance News) - Reckitt Benckiser Group PLC on Thursday said Chief Executive Officer Laxman Narasimhan is stepping down to relocate back to the US, and named former BAT chief Nicandro Durante to step into the role on an interim basis.
Shares were down 4.8% at 6,330.00 pence each on Thursday morning in London.
The Slough, Berkshire-based consumer goods firm said Narasimhan, who was appointed in September 2019, will resign on September 30 for "personal and family reasons".
"Laxman has decided for personal and family reasons to relocate back to the US and has been approached for an opportunity that enables him to live there," Reckitt explained.
Reckitt said Benckiser will be replaced by Senior Independent Director Durante while the company "evaluates and selects" the future leadership.
Durante has previous experience heading up a FTSE 100 listing, having been the chief executive of cigarette maker British American Tobacco PLC for eight years before leaving in 2019. Durante was appointed to the Reckitt board in December 2013.
"The chairman and the Nomination Committee have begun the process to identify the best long-term candidate to take Reckitt on the next phase of its growth and transformation journey," said Reckitt.
By Xindi Wei; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
ReckittBritish American Tobacco