Reckitt Benckiser has announced that its chief executive, Rakesh Kapoor, is to step down before the end of this year, after more than eight years as CEO and 32 years with the company.
Commenting on his impending departure, 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.
"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. I will remain fully focussed on driving the business until a successor is in place.”
The board of Reckitt Benckiser has initiated a formal process to appoint his successor, with both internal and external candidates under consideration.
Paying tribute to Kapoor’s tenure, Chris Sinclair, chairman, said, “Rakesh has been both the visionary and the architect behind this strategic portfolio transformation since the mid-2000s. He has also developed RB2.0 – an organisation designed for sustainable growth and outperformance.
“On behalf of the Board, I want to express our appreciation for his vision, passion and leadership over his long and distinguished tenure. We are now commencing a formal and comprehensive process to appoint a successor, considering both internal and external candidates.”
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.