TIDMRKT
RNS Number : 1225K
Reckitt Benckiser Group PLC
23 August 2023
RECKITT BENCKISER GROUP PLC
DIRECTORATE CHANGE
Reckitt announces retirement of Jeff Carr, CFO and appointment
of Shannon Eisenhardt as CFO Designate
Slough, United Kingdom, 23 August 2023 - Reckitt today announces
that Jeff Carr (61), Chief Financial Officer (CFO) and Executive
Director, has notified Reckitt of his intention to retire as of 31
March 2024. We are delighted to announce that Shannon Eisenhardt
will join Reckitt on 17 October 2023, as CFO designate to succeed
Jeff. Upon joining Shannon will also be appointed to the Board as
an Executive Director.
Jeff has been instrumental in driving financial discipline,
leading our world-class productivity programme, reducing our net
debt, and driving sustainable long-term shareholder value. Jeff
joined Reckitt in 2020 as we launched our transformation programme
and has ensured its delivery despite the challenges of Covid and
geo-political crises. His strong contributions will stand us in
good stead during the next chapter for Reckitt.
Shannon Eisenhardt will join Reckitt from NIKE, Inc., the
world's largest athletic footwear and apparel company, where she
currently serves as Chief Financial Officer of NIKE Consumer, Brand
& Marketplace. In her role, Shannon leads the finance function
for the NIKE geographies, the Global NIKE Direct business, which
comprises NIKE-owned retail stores and its digital platforms, and
Global Marketing. She also holds leadership responsibility for
Global Business Planning, including Corporate Financial Planning
and Analysis, and the Converse brand. Prior to taking on her
current role, Shannon led Finance for NIKE North America, the
company's largest market, and NIKE Emerging Markets. Before joining
NIKE, Inc. in 2015, Shannon spent close to two decades at P&G
in a range of finance roles working at corporate, country and
regional levels.
Chris Sinclair, Chairman of the Board, commented:
"On behalf of the Board and the entire company, I would like to
sincerely thank Jeff for his excellent service to Reckitt. Jeff
began his career in Reckitt and returned in 2020 because of his
commitment to the company and the fantastic opportunity to grow its
leading brands. He has been instrumental in driving our strategic
and cultural transformation, embedding a strong capital allocation
process and delivering a world-class productivity programme over
the past three and a half years. He is a highly valued member of
the Executive Committee and Board."
"We are delighted to announce that Shannon will succeed Jeff as
Chief Financial Officer. Shannon brings extensive experience across
consumer and retail, having worked with some of the most globally
recognised brands, and an impressive and highly relevant
international background. Shannon is a proven strategic and
operational leader with a track-record of building highly
successful teams and delivering strong and consistent
performance."
Shannon Eisenhardt commented:
"I am excited to be joining Reckitt as CFO. The business is
built on strong brands with category-leading positions, a unique
entrepreneurial culture and a clear and compelling strategy for
growth. I look forward to working with Kris Licht, Jeff Carr and
the management team to help deliver outperformance."
Jeff Carr, Chief Financial Officer, commented:
"It has been a great privilege to serve as CFO of Reckitt. It is
an exceptional company with great brands and talented colleagues.
Under the leadership of Kris and Shannon, the business is
well-placed to win and grow and I look forward to watching its
continued success."
There are no other details to disclose relating to Shannon
Eisenhardt under paragraph 9.6.13 of the Listing Rules.
For remuneration details, please see Appendix 1 below.
For Shannon Eisenhardt's biography, please see Appendix 2
below.
Appendix 1
Remuneration
Shannon Eisenhardt
As CFO of Reckitt Benckiser Group, Shannon Eisenhardt will
receive a salary of GBP760,000. She will receive a pension
allowance of 10% of salary in line with the wider Reckitt workforce
in the UK, and other benefits in line with Reckitt's Remuneration
Policy. She will be eligible to participate in the Company's
existing annual bonus plan with a target opportunity of 100% of
salary; in line with our Remuneration Policy this has a maximum of
3.57 times and one-third of any bonus awarded will be deferred into
Reckitt shares for a period of three years. Her annual bonus will
be pro-rated for first year of employment. She will receive an
initial LTIP grant of 29,453 performance shares and 58,905
performance options, for the three-year performance period
2023-2025; this has been calculated as a pro-rata award of the
CFO's annual LTIP award of 40,000 performance shares and 80,000
performance options, pro-rated for the period employed during the
performance period. All LTIP awards will be subject to a two-year
holding period. The share ownership requirement will be 100,000
shares and there will be a formal post-employment shareholding
requirement, for two years after departure. As Shannon is moving
from the US to the UK, she is eligible for relocation benefits.
Shannon will also receive awards to compensate for remuneration
arrangements forfeited on leaving her previous employer. These will
remain subject to performance conditions where appropriate and
mirror the time horizons of forfeited awards. As Shannon is
participating in the 2023 LTIP at Reckitt, she will not be
compensated for any 2023 LTI awards made by her previous
employer.
All remuneration arrangements for Shannon 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 2023 Directors' Remuneration Report.
Jeff Carr
Jeff Carr will be treated in accordance with the Company's
approved Remuneration Policy and his service contract, remaining
eligible for salary, benefits and bonus until the date he retires
from the Company. There will be no payment in lieu of notice. Any
bonus paid for 2023 and 2024 will be subject to one-third deferral
into Reckitt shares, in line with our Remuneration Policy. Any
bonus paid in respect of 2024 will be pro-rated based on the
portion of the performance year employed. All Long Term Incentive
Plan (LTIP) awards which are in the performance period at the point
that Jeff Carr retires from the Company will be pro-rated to the
date of leaving and remain subject to performance conditions and
the original time horizons. No further LTIP awards will be granted.
Upon retirement, after pro-rating, Jeff will retain an interest
under the LTIP in approximately 46,667 performance shares and
93,333 performance options, vesting dependent on performance to
2024 and 2025, and subject to further two-year holding periods. In
addition, he remains subject to the Company's post-employment
shareholding requirement.
Full details will be disclosed on the Company's website in due
course in compliance with Section 430(2B) of the Companies Act 2006
and in the Directors' Remuneration Report within the Company's
Annual Report and Accounts for the year ended 31 December 2023, and
subsequent years, as appropriate.
Appendix 2
Shannon Eisenhardt's biography
Shannon Eisenhardt will join Reckitt from NIKE, Inc., the
world's largest athletic footwear and apparel company, where she
currently serves as Chief Financial Officer of NIKE Consumer,
Marketplace and Brand. In this role, Shannon leads the finance
function for the NIKE geographies, the Global NIKE Direct business,
which comprises NIKE-owned retail stores and its digital platforms,
and Global Marketing. She also holds leadership responsibility for
Global Business Planning, including Corporate FP&A, and the
Converse brand.
During her time as Chief Financial Officer of NIKE Consumer and
Marketplace, Shannon has led the development of the future
marketplace vision for the NIKE brand globally; including driving
significant growth through NIKE Direct (both digital business and
physical owned) as well as reshaping wholesale distribution and
redefining what it means to be a Strategic Partner with NIKE.
Prior to her current role, Shannon led Finance for NIKE North
America, the company's largest market. As CFO of NIKE North
America, Shannon had responsibility for $ 17 billion externally
reported geography segment of NIKE Inc. spanning United States and
Canada. Prior to this role Shannon was the CFO for NIKE Emerging
Markets, which was a $4 bln externally reported geography segment
of Nike Inc. spanning Latin America, Asia and Africa.
Before joining NIKE, Inc. in 2016, Shannon spent close to two
decades at P&G in a range of finance roles working at
corporate, country and regional levels. Her last role at P&G
was Finance Director for the E-IMEA Baby Care business, where she
was tasked with turning around financial performance and developing
plans for consistent value creation for the division's largest
sales region. Before that, Shannon was Finance Director of P&G
Shared Service Centre in Manila, where her team provided financial
and accounting leadership to ensure world Class accounting services
(including Accounts Payable, General Ledger, Treasury & Banking
and Cost & Profit forecasting) for 40+ markets, including
oversight of certification of results as required by
Sarbanes-Oxley.
Shannon joined P&G in 1996 after studying Finance at the
University of Notre Dame.
Contacts
Richard Joyce & Hazel Chung +44 (0)7807 418516 / +44 (0)7408
850537
Investor Relations
Patty O'Hayer +44 (0)7825 755688
External Relations and Government Affairs
FGS
Faeth Birch +44 (0)7768 943171
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 30 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 c. 40,000 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
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
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