Household goods giant Reckitt has revealed that chief executive Laxman Narasimhan will step down at the end of the month to move back to the US after three years in the role.
The Dettol-to-Vanish firm said Mr Narasimhan will leave on September 30 to return to the States for “personal and family reasons” and has been approached for “an opportunity that enables him to live there”.
He will be replaced by Nicandro Durante, the group’s current senior independent director, while the group “evaluates and selects the future leadership”.
Reckitt said chairman Chris Sinclair, together with the nomination committee, had launched the search for a “long-term candidate to take Reckitt on the next phase of its growth and transformation journey”.
Mr Narasimhan was appointed in September 2019 and led an overhaul of the group’s strategy.
He said: “It is a great company with an incredible team and I am extremely proud of what we have accomplished together in these last three years.
“I have been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family.”
Mr Sinclair paid tribute to Mr Narasimhan’s efforts leading a “significant transformation over the last three years”.
He added that Mr Durante “will provide the leadership needed for Reckitt at this important stage of transformation while we find the right long-term leader for the business”.
Mr Durante is a seasoned chief executive who led the transformation of tobacco giant BAT over nine-year period.
He takes over what is one of the best paid chief executive positions in the FTSE 100, with a £1.1 million annual salary and the prospect of lucrative share and long-term bonus payouts depending on performance.