Reckitt chief executive Laxman Narasimhan is to step down at the end of the month.
Personal and family reasons have been cited as the reasoning behind a decision to relocate back to the US, having been approached with an opportunity that allows such a move. It follows a remarkable three years that saw the company play a vital role through Covid, with Dettol held up as a hero product.
He will be replaced by Nicandro Durante, current senior independent director, as the board evaluates and selects the future leadership.
Read more: Dettol demand drives Reckitt on to further growth
Mr Narasimhan, who also led the Opportunity Humber private sector board, an early stage concept that emerged as part of the government’s devolution and levelling-up strategy, said: “I am very grateful to have had the opportunity to lead Reckitt. 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."
Personal and professional connections to the flagship brand and business, both emerging from Hull, were made clear in his tenure. He lost his brother to a kidney infection as a child in India, with Dettol the go-to product to ensure he was in as safe an environment as possible.
It also rebranded back to the original name under his watch. Reckitt’s chairman and the nomination committee have begun the process to identify the best long-term candidate to take the business on the next phase of its growth and transformation journey.
Mr Narasimhan was appointed in September 2019, joining from PepsiCo, and is described as having led a “successful rejuvenation of the company’s strategy, execution and foundational capabilities”.
Chris Sinclair, chairman, said: “On behalf of the entire board, I want to thank Laxman for leading the organisation through a significant transformation of the last three years. We wish him and his family all the very best as he fulfils his desire to return to the United States.
“We are also very fortunate to be able to appoint Nicandro Durante as our CEO. 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.”
He went on to describe Reckitt as a well-invested resilient business with a clear strategy and purpose, a strong and evolving culture, an excellent portfolio of leading brands and a dynamic and engaged leadership team.
“There is great momentum across the business and we are seeing the benefits come through in its performance,” he added.
Mr Durante, is a Brazilian businessman and “highly experienced CEO”, who led the transformation of British American Tobacco over a nine-year period.
Taking on the £1.1 million role, which could rise to almost £2.5 million in bonus depending on performance, he is described as being “deeply familiar with the strategy and direction of Reckitt”, having been on the board for a number of years, including several years as the senior independent director.
Reckitt was launched in a city starch mill, with laboratories and wider production following, buildign to become a British multinational through expansion and acquisition. It is now headquartered in Slough. Shares fell more than 4 per cent in early trading following the announcement.
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