TIDMRB.
RNS Number : 9297B
Reckitt Benckiser Group PLC
12 June 2019
12 June 2019
RB Announces Laxman Narasimhan as Chief Executive Officer
This announcement contains inside information
Reckitt Benckiser Group plc (RB) today announces the appointment
of Laxman Narasimhan as Chief Executive Officer to succeed Rakesh
Kapoor. He will join the Company as CEO-designate and be appointed
to the Board as an Executive Director effective 16 July 2019. He
will become Group CEO with effect from 1 September 2019.
Laxman joins RB from PepsiCo where he is currently the Global
Chief Commercial Officer responsible for PepsiCo's integrated
long-term growth strategy. He has been a member of the PepsiCo
executive committee for the last four years reporting to the
Chairman and Chief Executive. He leads Strategy, Global Category
Groups, Global R&D and is implementing an advanced digital
capability across the PepsiCo business.
Laxman will serve as Group Chief Executive Officer at RB, while
also directly leading the Health Business Unit.
Chris Sinclair, Chairman of the Board, commented:
"The Board is delighted to have appointed Laxman as our new
Chief Executive Officer after a thorough and rigorous global
selection process from a strong bench of internal and external
candidates.
The Board prioritised four main criteria in its selection
process:
- Demonstrated operational leadership at scale and cultural fit
- Strong consumer orientation and relevant experience in our categories
- Strategic capability to lead the business into the next decade under RB2.0
- Commitment to our purpose and corporate responsibility
Laxman is an outstanding leader who brings wide experience
across the consumer goods sector, both operationally at scale, and
from his time at McKinsey. He has led complex operational
businesses and inspired teams across developed and emerging markets
to achieve market-leading performance.
Laxman has exceptional strategic capabilities and consumer
insight with a proven track record in developing purpose-led brands
and driving consumer centric and digital innovation. This, combined
with his excellent people engagement and leadership skills, gives
the Board confidence that he will continue to evolve the strong
culture of RB and deliver outperformance.
Laxman's initial priorities will be to focus on delivering
outperformance, especially in the Health business unit, and to
drive RB2.0.
I would like to thank Rakesh for his continued leadership of the
business and express my gratitude for his commitment and enormous
contribution to RB over more than three decades. Rakesh and Laxman
will work together over the coming weeks to ensure a seamless
leadership transition and handover."
Laxman Narasimhan commented:
"I'm delighted to be joining RB as the next Chief Executive
Officer at an exciting time for the business. It is a special
company with a long history of outperformance, creating innovative
products and iconic brands which improve the health and lives of
people across the globe. I'm looking forward to working with an
exceptional group of leaders over the coming years to continue to
transform RB."
The company confirms there is no further information to be
disclosed under the requirements of listing rule 9.6.13R in
relation to Laxman's appointment.
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
Notes to Editors
Biography
Prior to his current role, Laxman was Chief Executive Officer of
PepsiCo's Latin America, Europe and Sub-Saharan Africa operations,
where he ran the Company's food and beverage businesses across the
regions. Managing GBP14.5 billion in revenues across 100 countries
and 125,000 employees, he grew both revenue and earnings at
accelerated industry leading rates over the past two years. He
achieved this by making the business more consumer-centric,
bringing more digital capability, strengthening leadership teams
and driving productivity. He has a strong track record of positive
engagement with both internal and external stakeholders, which
included bottlers, governments, the Nature Conservancy on water
sustainability and partnering with the InterAmerican Development
Bank on a number of programs, including women's empowerment,
sustainable farming and recycling.
Laxman was previously the Senior Vice President and CFO of
PepsiCo Americas Foods, leading the company's food businesses for
North, South, and Central America and the Caribbean. Prior to
PepsiCo, Laxman served as a Director for McKinsey & Company. He
oversaw consumer-facing industries in India, spearheaded McKinsey's
research on the emerging-market digital consumer, co-led McKinsey's
Global Consumer and Shopper Insights Practice and its Global Retail
Knowledge Council. His nearly two decades at McKinsey across
Cleveland, Tokyo, Toronto, Silicon Valley and New Delhi provided
him with the opportunity to fill a wide array of roles across three
continents, adapting to a myriad of cultures and expectations while
gaining expertise in multiple industries, including consumer,
retail, technology, consumer health and manufacturing. With an
interest in global affairs and a desire to improve educational
opportunities, he led several public sector initiatives at McKinsey
in India with the government, focusing primarily on education and
skill-building.
Laxman is a Trustee of the Brookings Institution, a member of
the Council on Foreign Relations and previously, an Advisory Board
member of the Jay H. Baker Retailing Centre at the Wharton School,
University of Pennsylvania.
He holds a degree in Mechanical Engineering from the College of
Engineering, University of Pune, India. He has an MA in German and
International Studies from The Lauder Institute at the University
of Pennsylvania and an MBA in Finance from The Wharton School at
The University of Pennsylvania.
Laxman speaks English, German, three Indian languages and
conversational Spanish.
Remuneration
As CEO of Reckitt Benckiser Group, Laxman will receive a salary
of GBP950,000. He will receive a pension allowance of 10% of salary
in line with the wider RB workforce in the UK, and other benefits
in line with RB Policy. 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 RB 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 2019-2021, 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. As Laxman is moving from the USA to
the UK, he is eligible for relocation benefits.
Laxman will also receive awards to compensate for remuneration
arrangements forfeited on leaving his previous employer. These will
remain subject to performance conditions where appropriate and
mirror the time horizons of forfeited awards. As Laxman is
participating in the 2019 LTIP at RB, he will not be compensated
for any 2019 LTI awards made by his previous employer.
All remuneration arrangements are consistent with the terms of
the Directors' Remuneration Policy approved by shareholders at the
AGM in May 2019. Further detail will be set out in the 2019
Directors' Remuneration Report.
For further information, please contact:
RB +44 (0) 1753 217800
Richard Joyce
SVP, Investor Relations
Patty O'Hayer
Director, External Relations and Government Affairs
Finsbury +44 (0) 20 7251 3801
Faeth Birch +44 (0)7768 943171
About RB
RB* is a leading global health, hygiene and home company
inspired by a vision of the world where people are healthier and
live better. Its purpose is to make a difference by giving people
innovative solutions for healthier lives and happier homes.
Through its two business units, Health and Hygiene Home, RB has
operations in over 60 countries and its products reach millions of
people globally every day. Its trusted household brands include
names such as Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon,
Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic,
Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite and Air
Wick.
RB's drive to achieve, passion to outperform and commitment to
quality and scientific excellence is manifested in the work of over
40,000 diverse, talented entrepreneurs worldwide.
For more information visit www.rb.com. *RB is the trading name
of the Reckitt Benckiser group of companies.
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END
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