admin UK-based global FMCG major Reckitt Benckiser named PepsiCo executive Laxman Narasimhan as its next CEO succeeding Rakesh Kapoor.
Narasimhan would join RB as CEO-designate and then would be hired to the board of the company as an Executive Director with effect from July 16, 2019, stated the company, which own brands which include Dettol, Durex, Harpic, Harpic and Air Wick.
The India-origin executive will become Group CEO with effect from September 1, 2019, it added. Narasimhan would succeed Kapoor, who has been leading RB as CEO since 2011.
Reckitt Benckiser in January had declared that Kapoor would leave as CEO by the end of 2019 after a 32-year stint at the firm.
The development Chris Sinclair, Chairman of the Board Commented: “The Board is delighted to have appointed Laxman as our new Chief Executive Officer after a thorough and rigorous global selection process from a strong bench of internal and external candidates.”
Currently, Narasimhan is with the US-based global food & beverage giant PepsiCo, where he is presently the Global Chief Commercial Officer. He has been a member of the PepsiCo executive committee for the last 4 years reporting to the Chairman and Chief Executive.
Narasimhan leads Strategy, Global Category Groups, Global R&D and is implementing an advanced digital capability across the PepsiCo business. He will serve as Group Chief Executive Officer at RB, while also directly leading the Health Business Unit.
As CEO of RB, Narasimhan will receive a salary of £ 950,000, the company stated.
Besides, he will also obtain a pension allowance of 10 percent of salary in line with the wider RB workforce in the UK, and other benefits in line with RB Policy.
“He will be eligible to participate in the Company’s existing annual bonus plan with a target of 120 percent of salary. He will collect an initial LTIP grant of 75,000 shares and 150,000 options, for the 3 year performance period 2019-2021, followed by a two-year holding period,” it further added.
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