Reckitt Benckiser Gp - Rakesh Kapoor to retire as CEO by end of 2019
RB's Board has now initiated a formal process to appoint his successor, considering both internal and external candidates.
Chris Sinclair, Chairman of the Board, said: "Under Rakesh's leadership, RB has been transformed from a household cleaning business to a world leader in consumer health and hygiene. Rakesh has been both the visionary and the architect behind this strategic portfolio transformation since the mid-2000s. He has also developed RB2.0 - an organisation designed for sustainable growth and outperformance. On behalf of the Board, I want to express our appreciation for his vision, passion and leadership over his long and distinguished tenure. We are now commencing a formal and comprehensive process to appoint a successor, considering both internal and external candidates."
Rakesh Kapoor, Group Chief Executive Officer, said: "It has been a huge privilege to lead RB and I am very proud of the hard work and commitment of our people in delivering our success and many achievements. The last two years in particular, have been transformational with the acquisition of Mead Johnson, the catalyst for the creation of our two business units, Health and Hygiene, Home. 2020 will herald a new decade and I believe now is a good time for new leadership to take this great company through the next phase of outperformance. I will remain fully focussed on driving the business until a successor is in place."
Since Rakesh became CEO on 1 September 2011, the company has delivered TSR growth of 130%, a CAGR of 12%, circa double of FTSE 100 and ahead of most peers in consumer, health and nutrition.
RB is the global leading consumer health, hygiene and home company. Driven by a purpose to build healthier lives and happier homes, RB has operations in over 60 countries. From the foundations of wellness and infant nutrition, to the fundamentals of a hygienic home, our global brands help people live healthier, happier lives. RB has world leading Powerbrands which include household 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 unique culture is at the heart of its success. Its drive to achieve, passion to outperform and commitment to quality and scientific excellence are manifested in the work of over 40,000 RB employees worldwide.