Reckitt Benckiser Group announced that Laxman Narasimhan would step down as Chief Executive Officer(CEO) on September 30 this year. Narasimhan has decided to relocate back to the US for personal reasons and has been approached for an opportunity that enables him to live there.
The company said since his appointment in September 2019, Narasimhan led a successful rejuvenation of the company’s strategy, execution and foundational capabilities.
After deciding to step down, Narasimhan said: "I am grateful to have had the opportunity to lead Reckitt. It is a great company with an incredible team and I am proud of what we have accomplished together in three years. I have been offered an opportunity to return to the US and although it is difficult to leave, it is the right decision for me and my family."
He will be replaced by Nicandro Durante, current Senior Independent Director. Meanwhile, the chairman and the nomination committee have begun the process to identify the next CEO.
"I am honoured to have an opportunity to lead reckitt, a company that I have been a part of for many years. The transformation agenda laxman and the group executive has led together is exciting and delivering results. I look forward to continuing the momentum," Nicandro said.
The company announced that Nicandro would cease to be the Senior Independent Director with immediate effect and was replaced by Andrew Bonfield. Nicandro would also step down from the nomination, remuneration and CRSEC committees of the board.
"On behalf of the entire board, I want to thank Laxman for leading the organisation through a significant transformation over the last three years. We wish him and his family all the very best as he fulfils his desire to return to the United States," Chairman Chris Sinclair said.
First Published: Sept 1, 2022 1:14 PM IST
