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Reckitt Benckiser Group plc (LON: RKT ) has announced that its CEO Laxman Narasimhan will step down as CEO on September 30, 2022. Laxman has decided for personal and family reasons to relocate back to the United States and was approached for an opportunity that allows him to live there.
Laxman will be replaced by Nicandro Durante, the current Senior Independent Director, who will step into the role of CEO while the Board evaluates and selects future leadership. The Chairman and Nominations Committee have begun the process of identifying the best long-term candidate to take Reckitt into 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 core capabilities. The company’s purpose – to protect cures and nurture the relentless pursuit of a cleaner, healthier world – is and remains fundamental to the company’s future direction; as well as its commitments to the environment, society and governance.
Reckitt is a well-invested sustainable business with a clear strategy and purpose, a strong and evolving culture, an excellent portfolio of leading brands and a dynamic and committed management team. There is great momentum across the business and we are seeing the benefits showing in its performance.
Nicandro is a highly experienced CEO who has led BAT’s transformation for nine years. He is well versed in Reckitt’s strategy and direction, having been on the board for several years, including several years as a senior independent director. Under his leadership, Reckitt will continue to execute on 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 past three years. We wish him and his family the best as he pursues his desire to return to the United States.
“We are also very pleased to be able to appoint Nicandro Durante as our CEO. Having worked closely with Nicandro since joining the board, I have no doubt that he will provide the leadership Reckitt needs at this important stage of transformation while we find the right long-term leader for the business.”
Nicandro said “I am honored to have the opportunity to lead Reckitt, a company I have been a part of for many years. The transformation program that Laxman and the Group CEO have 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’s a great company with an amazing team and I’m extremely proud of what we’ve accomplished together over the last three years. I have been offered the opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family.
Effective immediately, Nicandro will cease to be a Senior Independent Director and will step down from the Nominating, Remuneration and CRSEC Committees of the Board. No additional disclosure obligations under paragraphs 9.6.11 or 9.6.13 of the UK Listing Rules arise in relation to this appointment.
With immediate effect, Andrew Bonfield will be appointed as Senior Independent Non-Executive Director to fill the role on an interim basis until Jeremy Darroch joins the Board on 1 November 2022.
Reward
As CEO of Reckitt Benckiser Group plc, Nicandro will receive a salary of £1,100,000. He will be eligible to participate in the Company’s existing annual bonus plan with a target of 120% of salary; in accordance with our remuneration policy this has a maximum of 3.57 times and with one third of each bonus vested in Reckitt shares over a three year period. He will receive an initial LTIP grant of 75,000 shares and 150,000 options over 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-exit vesting requirement for two years after exit.
He will receive benefits in accordance with Reckitt’s Remuneration Policy, but will not receive a pension. As Nicandro is moving to the UK, he is eligible for relocation benefits.
In accordance with the Remuneration Policy, bonus payments and LTIP awards will be prorated for time employed. There are no redemption rewards or sign-in bonuses for Nicandro.
Nicandro has been appointed on a permanent contract which can be terminated by either party with six months’ notice.
All remuneration arrangements are in accordance with the terms of the Directors’ Remuneration Policy approved by shareholders at the May 2022 AGM. Further details will be set out in the 2022 Directors’ Remuneration Report.
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