THE WHAT? Reckitt has announced that its CEO, Laxman Narasimhan will step down from his role on September 30, 2022. Narasimhan will be replaced by current Senior Independent Director, Nicandro Durante in the short term while the Board evaluates and selects the future leadership.
THE DETAILS With immediate effect, Durante will cease to be the Senior Independent Director and will step down from the Nomination, Remuneration and CRSEC Committees of the Board. 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 November 1, 2022.
THE WHY? The company said in a statement posted on its website that Narasimhan has decided for personal and family reasons to relocate to the United States and has been approached for an opportunity that enables him to live there.
Chris Sinclair, Chairman of Reckitt, commented, “We are … 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.”