Laxman has decided for personal and family reasons to relocate back to
Laxman will be replaced by
Since his appointment in
Reckitt is a well-invested resilient business with a clear strategy and purpose, a strong and evolving culture, an excellent portfolio of leading brands and a dynamic and engaged leadership team. There is great momentum across the business and we are seeing the benefits come through in its performance.
Nicandro is a highly experienced CEO who led the transformation of BAT over a nine-year period. He is deeply familiar with the strategy and direction of Reckitt, having been on the board for a number of years, including several years as the Senior Independent Director. Under his leadership, Reckitt will continue to implement its current successful strategy.
Chris Sinclair CHAIRMAN OF RECKITT
'We are also very fortunate to be able to appoint
Laxman said, 'I am very grateful to have had the opportunity to lead Reckitt. It is a great Company with an incredible team and I am extremely proud of what we have accomplished together in these last three years. 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.'
With immediate effect, Nicandro will cease to be the Senior Independent Director and will step down from the Nomination, Remuneration and CRSEC Committees of the Board. No further disclosure obligations arise under paragraphs
Listing Rules in respect of this appointment.
With immediate effect,
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
Remuneration
As CEO of
He will receive benefits in line with Reckitt's Remuneration Policy, however he will not receive a pension allowance. As Nicandro is moving to the
In line with the Remuneration Policy, bonus payments and LTIP awards will be pro-rated for time employed. There are no buyout awards or sign on bonuses for Nicandro.
Nicandro is being appointed on a rolling contract, this is terminable on either side with six months' notice.
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in
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