The Dettol producer, Reckitt Benckiser has appointed Kris Licht as its CEO designate to take over from Nicandro Durante, who will step down from his position by the end of the year.
Licht, who is currently employed by the company, has been serving as the president of the health business and the chief customer officer since July 2020.
According to Reuters, he will be joining the board as an executive director on June 1.
Speaking about the appointment, a former BAT Chief Executive Officer, Durante, said,
“Having played a pivotal role in both the transformation strategy and the significant turnaround of our Health GBU over the last three years, Kris is the right leader to take Reckitt on the next stage of its exciting journey.”
“It was a very well-informed choice and the board had the luxury of time because I was here … that’s why the process took eight months,” he added.
According to the report, Durante will be with Reckitt till December “to ensure a smooth transition”.
In the words of a fund manager at Reckitt investor Sarasin & Partners, Neil Denman, “I very much like the continuity of an internal appointment. You’re not getting an external CEO saying they’re going to come in and change things.”
Reckitt who is a producer of Lysol cleaning products and Durex condoms reported a 7.9% increase in like-for-like net revenue during the first quarter, exceeding the 3.6% rise anticipated by analysts based on the company’s forecast.
According to the report, Denman stated that the company had experienced a tumultuous period with the impending departure of the CEO, but the recent positive results were promising.
Considering milestones, Reckitt, the manufacturer of Nurofen tablets, Dettol hygiene products, and Lemsip cold remedy, anticipates a like-for-like net revenue growth of 3-5% for the current year after consistently surpassing sales expectations for a number of quarters due to price increases.
