Boss of Dettol maker Reckitt Benckiser unexpectedly resigns
The boss of the Dettol disinfectant maker Reckitt Benckiser has abruptly resigned in order to take a new job in the US, surprising investors after a relatively brief three-year stint at the top of the FTSE 100 company.
Laxman Narasimhan will step down as chief executive on 30 September, despite being partway through a turnaround plan he launched after joining in September 2019.
Shares in the Slough-based company, whose brands also include Durex condoms, Calgon detergent and Nurofen painkillers, fell by 4.5% on Thursday morning. It was valued at about £48bn before the announcement.
Narasimhan said: “I have been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family.”
Narasimhan was one of the best paid chief executives in the FTSE 100. He received total pay of £6m in 2021 and £8.4m in 2020, when the company benefited from increased sales of disinfectants from germ-conscious shoppers during the coronavirus pandemic. Part of his pay had included tax advice to help with his relocation from the US.
The company’s senior independent director, the former British American Tobacco boss Nicandro Durante, will step in as interim chief executive while the company scrambles to find a long-term replacement.
Narasimhan’s departure comes as consumer companies brace for an expected recession in many leading economies, including the UK, with households’ spending power diminished by soaring energy prices. Reckitt has protected its profits in recent months by increasing prices by more than 10%.
There have been 17 changes announced in the top job for FTSE 100 firms in 2022 so far, according to research by AJ Bell, an investment platform.
Maryum Ali, an analyst at the
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