Reckitt Begins CEO Search As Kapoor Departs The Company He Reshaped
Reckitt Benckiser's long-serving CEO, Rakesh Kapoor, has unexpectedly announced his intention to retire by the end of the year, with the company immediately kicking off the search for his replacement. Kapoor will be remembered for transforming RB's consumer health business, but also for a number of setbacks under his watch which have impacted results.
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Reckitt Benckiser has poached PepsiCo's global chief commercial officer, Laxman Narasimhan, to replace Rakesh Kapoor as the UK-based firm's CEO. Setting his stall out early, Narasimhan has made clear that RB's "capabilities and culture" need to change to make the company fit for the new digital world.
Reckitt ‘Not Happy’ With Consumer Health Growth In 2018, Following European And Infant Nutrition Woes
RB's Health business failed to keep pace with market growth in 2018, with the firm admitting its mindset in Europe "needs to change." The UK-based consumer-goods giant spent the 12 months working on its RB 2.0 restructuring program, which will give it the option to separate into two independent companies focusing on Health and Hygiene by 2020.
Big pharmas' agreement could put consumer health where Pfizer wants, entirely in its rear-view mirror, and points GSK toward what it wants, more research and development funding freed up for the pharmaceutical ingredient operations that are its chief revenue drivers. All-equity deal, giving GSK 68% control and expected to close in 2019 second half, also likely will boost investors' confidence in the firms as both have been dogged by pressure to sell, spin-off or otherwise divest their consumer businesses.