Anglo-Dutch consumer goods company Reckitt Benckiser Group’s chief executive officer Laxman Narasimhan will step down from his post on September 30 and will be replaced by Nicandro Durante, senior independent director, the company said on Thursday.
Nicandro will serve as interim CEO till the board selects future leadership. The process has been initiated by the chairman and remuneration committee of the company.
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Narasimhan had joined the maker of Dettol and Durex products in September 2019 from PepsiCo and is known to have revamped its consumer health business. He has decided to relocate to the US for personal and family reasons and has been approached for an opportunity there, the company statement said.
Nicandro is a former chief executive officer of British American Tobacco.
“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,” the statement said.
Nicandro is being appointed on a rolling contract, and this is terminable on either side with six months’ notice.
As CEO of Reckitt, Nicandro will receive a salary of 1.1 million pounds along with relocation benefits. He will be eligible to participate in the company’s existing annual bonus plan, Too, with a target of 120% of salary, the company said.