Reckitt Benckiser (LON:RB) announced the appointment of PepsiCo Executive as its new CEO on Wednesday.
Laxman Narasimhan will succeed Rakesh Kapoor as Chief Executive Officer. He will join the British consumer goods company as CEO-designate and is due to be appointed to the board as an Executive Director from 16 July. Laxman Narasimhan will become group CEO from 1 September.
Laxman Narasimhan is currently the Global Chief Commercial Officer for PepsiCo (NASDAQ:PEP), where he is responsible for the company’s integrated long-term growth strategy.
He has held a place on the PepsiCo executive committee for the past four years.
In addition to serving as Chief Executive Officer at Reckitt Benckiser, he will also directly lead the health business unit, the company added in a statement.
Laxman Narasimhan will receive a salary of £950,000 for his new role as CEO, the company added.
“Laxman has exceptional strategic capabilities and consumer insight with a proven track record in developing purpose-led brands and driving consumer centric and digital innovation. This, combined with his excellent people engagement and leadership skills, gives the Board confidence that he will continue to evolve the strong culture of RB and deliver outperformance,” Chris Sinclair, Chairman of the Board, commented on the new appointment.
“I’m delighted to be joining RB as the next Chief Executive Officer at an exciting time for the business. It is a special company with a long history of outperformance, creating innovative products and iconic brands which improve the health and lives of people across the globe. I’m looking forward to working with an exceptional group of leaders over the coming years to continue to transform RB,” Laxman Narasimhan also added.
Just last month, Reckitt Benckiser saw a 1% rise in its first-quarter sales, expecting to see “improving growth” during the remainder of the year. At the start of the year, the company posted a 65% drop in its annual profit as a result of one-off gains from the previous year.