Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Reckitt chairman aims for swift decision on CEO succession

Stock MarketsMay 09, 2019 10:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: Rakesh Kapoor, the CEO of Reckitt Benckiser, poses for a photograph at the company headquarters in Slough

By Martinne Geller

LONDON (Reuters) - Reckitt Benckiser is working to resolve both its search for a new chief executive and its position relating to U.S. charges of wrongdoing at a former business, its chairman told investors at its annual general meeting on Thursday.

The maker of Lysol cleaners and Durex condoms is "well under way with a comprehensive process" to select a successor to Chief Executive Rakesh Kapoor, Chairman Christopher Sinclair said at the meeting in London.

"I'm hopeful that in the not-too-distant future, we'll have something significant to report here," Sinclair said.

This year's meeting was likely to be the last for CEO Kapoor, who plans to retire at the end of 2019, after more than eight years at the helm and more than three decades with the consumer goods company overall.

Kapoor, who sought to transform Reckitt from a British maker of household cleaners into a global consumer health giant, thanked both shareholders and his colleagues.

"Even though I might not have been able to do everything I wanted to do, I want to thank some of my team members who are right here, for supporting me and helping me in doing as much as I possibly could for you and for the company as a whole," he said.

Sinclair also sought to clarify Reckitt's position regarding U.S. criminal charges brought against drugmaker Indivior, which Reckitt owned until 2014. Indivior is accused of illegally increasing prescriptions for its opioid addiction treatment Suboxone.

Reckitt has set aside a provision of $400 million in case it is charged.

"We were not named in the U.S. Department of Justice indictment and we've not been accused of any crime. Reckitt Benckiser believes strongly that we've done nothing wrong and we see no evidence of impropriety by any of our group employees," Sinclair said.

"Having said all that ... we are working toward a resolution," he added.

"We think that's the right course in this environment and we'll have something more to say when something material develops."

The chairman also laid out Reckitt's future priorities, which include reigniting organic growth and completing both the integration of the Mead Johnson baby formula business and the separation of its two business units under one roof, which CEO Kapoor said creates "the possibility of having structural independence".

At the same time, Sinclair said acquisitions remained a priority that the company "continues to pursue actively".

Reckitt chairman aims for swift decision on CEO succession

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email