Laxman Narasimhan to be next CEO of Reckitt Benckiser

UK-based global FMCG major Reckitt Benckiser on June 12 named PepsiCo executive Laxman Narasimhan as its next Chief Executive Officer succeeding Rakesh Kapoor.

Narasimhan (52) would join RB as CEO-designate and then would be appointed to the board of the company as an Executive Director with effect from July 16, 2019, said a company statement, which own brands which inclues Dettol, Durex, Harpic, Harpic and Air Wick.

The India-origin executive will become Group CEO with effect from September 1, 2019, it added.

Narasimhan would succeed Kapoor, who has been leading RB as CEO since 2011.

Reckitt Benckiser in January had announced that Kapoor would retire as CEO by the end of 2019 after a 32-year stint at the firm.

Commenting on the development Chris Sinclair, Chairman of the Board said: "The Board is delighted to have appointed Laxman as our new Chief Executive Officer after a thorough and rigorous global selection process from a strong bench of internal and external candidates."

Narasimhan is presently with the US-based global food & beverage giant PepsiCo, where he is currently the Global Chief Commercial Officer.

He has been a member of the PepsiCo executive committee for the last four years reporting to the Chairman and Chief Executive.

Narasimhan leads Strategy, Global Category Groups, Global R&D and is implementing an advanced digital capability across the PepsiCo business.

He will serve as Group Chief Executive Officer at RB, while also directly leading the Health Business Unit.

As CEO of RB, Narasimhan will receive a salary of £ 950,000, the company said.

Besides, he will also receive a pension allowance of 10 per cent of salary in line with the wider RB workforce in the UK, and other benefits in line with RB Policy.

"He will be eligible to participate in the Company's existing annual bonus plan with a target of 120 per cent of salary... He will receive an initial LTIP grant of 75,000 shares and 150,000 options, for the three-year performance period 2019-2021, followed by a two-year holding period," it added.