Reckitt chief executive Laxman Narasimhan is to step down at the end of September after three years in the role, the company said in a statement.
Narasimhan, 55, joined the household products company in 2019 from PepsiCo and was the first external candidate to take the helm at Reckitt since the maker of Durex condoms and Nurofen tablets was formed in 1999.
Commenting on his tenure, the company said, 'Since his appointment in September 2019, Laxman has led a successful rejuvenation of the company’s strategy, execution and foundational capabilities.'
Nicandro Durante
He will be replaced by senior independent director Nicandro Durante while the board 'evaluates and selects the future leadership', Reckitt said.
“We are also very fortunate to be able to appoint Nicandro Durante as our CEO," said Chris Sinclair, Reckitt chairman. "Having worked closely with Nicandro since I joined the Board, I have no doubt that he will provide the leadership needed for Reckitt at this important stage of transformation while we find the right long-term leader for the business.”
Reckitt, which also makes Dettol and Lysol cleaning products, will continue to implement its current strategy under Durante, the company added.
New Role In US
Narasimhan decided to leave for personal reasons and to relocate to the United States, having been approached with a new opportunity there, Reckitt said without elaborating.
"I am very grateful to have had the opportunity to lead Reckitt," he commented. "It is a great company with an incredible team and I am extremely proud of what we have accomplished together in these last three years. I have been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family."
Sinclair and the nomination committee have started the process to identify the 'best' long-term candidate to take Reckitt on its 'next phase of growth', the company said.
News by Reuters, edited by ESM. For more retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
