SLOUGH (dpa-AFX) - UK Consumer goods giant Reckitt Benckiser plc (RBGLY, RB.L) announced Wednesday that its Chief Executive Officer Rakesh Kapoor has indicated his intention to retire by the end of 2019. The decision comes after more than 8 years as CEO and 32 years at the company.
RB said its Board has now initiated a formal process to appoint his successor, considering both internal and external candidates.
Chris Sinclair, Chairman of the Board, said, 'Under Rakesh's leadership, RB has been transformed from a household cleaning business to a world leader in consumer health and hygiene. Rakesh has been both the visionary and the architect behind this strategic portfolio transformation since the mid-2000s.'
Kapoor became CEO on September 1, 2011. Since then, the company said it has delivered TSR growth of 130%, a CAGR of 12%, circa double of FTSE 100 and ahead of most peers in consumer, health and nutrition.
Kapoor said, 'The last two years in particular, have been transformational with the acquisition of Mead Johnson, the catalyst for the creation of our two business units, Health and Hygiene, Home. 2020 will herald a new decade and I believe now is a good time for new leadership to take this great company through the next phase of outperformance.'
He added that he will remain fully focussed on driving the business until a successor is in place.
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