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RNS Number : 8397X
Reckitt Benckiser Group PLC
01 September 2022
1 September 2022
RECKITT BENCKISER GROUP PLC
DIRECTORATE CHANGE
Laxman Narasimhan steps down as CEO;
Nicandro Durante appointed
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Reckitt Benckiser Group plc ("Reckitt") today announces that its
CEO, Laxman Narasimhan will step down as Chief Executive Officer on
September 30, 2022. Laxman has decided for personal and family
reasons to relocate back to the United States and has been
approached for an opportunity that enables him to live there.
Laxman will be replaced by Nicandro Durante, current Senior
Independent Director, who will step into the role of CEO, as the
Board evaluates and selects the future leadership. 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.
Since his appointment in September 2019, Laxman has led a
successful rejuvenation of the company's strategy, execution and
foundational capabilities. The company's purpose - to protect heal
and nurture in the relentless pursuit of a cleaner and healthier
world - is, and remains, foundational to the future direction of
the company; as do its environmental, societal and governance
commitments.
Reckitt is 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.
Nicandro is a highly experienced CEO who led the transformation
of BAT over a nine-year period. He is 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. Under his leadership, Reckitt will continue to implement
its current successful strategy.
Chris Sinclair, Chairman of Reckitt, commented: "On behalf of
the entire Board, I want to thank Laxman for leading the
organization through a significant transformation over 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."
Nicandro said "I am honoured to have an opportunity to lead
Reckitt, a Company that I have been a part of for many years. The
transformation agenda Laxman and the Group Executive has led
together is exciting and delivering results. I look forward to
continuing the momentum."
Laxman 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."
With immediate effect, Nicandro will cease to be the Senior
Independent Director and will step down from the Nomination,
Remuneration and CRSEC Committees of the Board. No further
disclosure obligations arise under paragraphs 9.6.11 or 9.6.13 of
the UK Listing Authority's Listing Rules in respect of this
appointment.
With immediate effect, Andrew Bonfield will be appointed as
Senior Independent Non-Executive Director to hold the role for an
interim period until Jeremy Darroch joins the Board on 1 November
2022.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018. This announcement is made by Catheryn
O'Rourke, Company Secretary, for Reckitt Benckiser Group plc.
Remuneration
As CEO of Reckitt Benckiser Group plc, Nicandro will receive a
salary of GBP1,100,000. He will be eligible to participate in the
Company's existing annual bonus plan with a target of 120% of
salary; in line with our Remuneration Policy this has a maximum of
3.57 times and with one-third of any bonus deferred into Reckitt
shares for a period of three years. He will receive an initial LTIP
grant of 75,000 shares and 150,000 options, for the three-year
performance period 2022-2024, followed by a two-year holding
period. The share ownership requirement will be 200,000 shares and
there will be a formal post-employment shareholding requirement,
for two years after departure.
He will receive benefits in line with Reckitt's Remuneration
Policy, however he will not receive a pension allowance. As
Nicandro is moving to the UK, he is eligible for relocation
benefits.
In line with the Remuneration Policy, bonus payments and LTIP
awards will be pro-rated for time employed. There are no buyout
awards or sign on bonuses for Nicandro.
Nicandro is being appointed on a rolling contract, this is
terminable on either side with six months' notice.
All remuneration arrangements are consistent with the terms of
the Directors' Remuneration Policy approved by shareholders at the
AGM in May 2022. Further detail will be set out in the 2022
Directors' Remuneration Report.
For further Information:
Catheryn O'Rourke
Company Secretary
Tel +44 (0) 1753 217 800
Richard Joyce
Head of Investor Relations
Tel +44 (0) 7807 418516
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
Notes to editor:
Nicandro Durante - Biography:
Nicandro started his career working in finance in Brazil and
joined BAT in 1981. Whilst at BAT, Nicandro worked in the UK, Hong
Kong and Brazil and held a number of senior positions including
Regional Director for Africa and the Middle East, Chief Operating
Officer and, from 2011 to 2019, as Chief Executive Officer.
Nicandro Durante was appointed as a Non-Executive Director of
Reckitt in December 2013 and appointed as Senior Independent
Director in January 2019, which he steps down effective today.
Nicandro is currently Chair of TIM Participações S.A., a
Brazil-based telecommunications company.
Nicandro holds a degree in Business administration from
PUC-Pontificie Universidade Católica and has obtained post graduate
qualifications in Finance and Economics. Nicandro holds Italian and
Brazilian citizenship.
About Reckitt:
Reckitt* exists to protect, heal and nurture in the relentless
pursuit of a cleaner, healthier world. We believe that access to
the highest-quality hygiene, wellness and nourishment is a right,
not a privilege.
Reckitt is the company behind some of the world's most
recognisable and trusted consumer brands in hygiene, health and
nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil,
Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein,
Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and
more.
Every day, more than 20 million Reckitt products are bought
globally. We always put consumers and people first, seek out new
opportunities, strive for excellence in all that we do and build
shared success with all our partners. We aim to do the right thing,
always.
We are a diverse global team of more than 43,000 colleagues. We
draw on our collective energy to meet our ambitions of purpose-led
brands, a healthier planet and a fairer society. Find out more, or
get in touch with us at www.reckitt.com
*Reckitt is the trading name of the Reckitt Benckiser group of
companies
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END
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September 01, 2022 02:02 ET (06:02 GMT)
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