British FMCG major Reckitt Benckiser (RB) on Wednesday said its chief executive Rakesh Kapoor would retire by the end of 2019.
The company has now initiated a formal process to appoint Kapoor's successor, it said in a statement. RB product portfolio includes Dettol, Durex and Lysol.
Kapoor has "indicated his intention to retire as CEO by the end of 2019, after more than eight years as CEO and 32 years at the company", the company said.
It further said that "RB's board has now initiated a formal process to appoint his successor, considering both internal and external candidates."
On his decision, Kapoor 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."
He added that the year 2020 will herald a new decade and it is a good time for the new leadership to take the company through the next phase of "outperformance".
Kapoor said he will remain on the driving seat until his successor is found.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
