Home Listing rules Laxman Narasimhan steps down as CEO

Laxman Narasimhan steps down as CEO

0

Laxman said, “I’m very grateful to have had the opportunity to lead Reckitt. It’s a great company with an incredible team and I’m extremely proud of what we’ve accomplished together over the past three years. I was offered the opportunity to return to the United States
United States and even if it is difficult to leave, it is the right decision for me and my family.”

Effective immediately, Nicandro will cease to be the Senior Independent Director and will leave the Nominating, Remuneration and CRSEC Committees of the Board. No further disclosure obligations arise from paragraphs 9.6.11 or 9.6.13 of the UK Listing Authority’s
Rules of registration with respect to this nomination.

Effective immediately, Andrew Bonfield will be appointed Senior Independent Non-Executive Director to serve in this role for an interim period until Jeremy Darroch joins the Board on November 1, 2022.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 on market abuse as it forms part of the national law of the United Kingdom under the European Union Act 2018 (withdrawal). This announcement is made by Catheryn O’Rourke, Corporate Secretary, for Reckitt Benckiser Group plc.

Remuneration

As CEO of Reckitt Benckiser Group plc, Nicandro will receive a salary of £1,100,000. He will be eligible to participate in the Company’s existing annual bonus plan with a target of 120% of salary; in accordance with our remuneration policy, this has a maximum of 3.57 times and with one third of any bonus deferred in Reckitt shares for a period of three years. He will receive an initial LTIP grant of 75,000 shares and 150,000 options, for the three-year performance period 2022-2024, followed by a two-year hold period. The share ownership requirement will be 200,000 shares and there will be a formal post-employment share ownership requirement, for two years after departure.

He will receive benefits in accordance with Reckitt’s compensation policy, but he will not receive a retirement allowance. As Nicandro is moving to the UK, he is entitled to relocation allowances.

In accordance with the Compensation Policy, bonuses and LTIP awards will be pro-rated based on employment time. There are no redemption rewards or signing bonuses for Nicandro.

Nicandro is appointed on a rolling contract, which can be terminated by either party with six months’ notice.

All remuneration arrangements are in accordance with the terms of the directors’ remuneration policy approved by the shareholders at the general meeting in May 2022. Further information will be provided in the 2022 directors’ remuneration report.

Download the full announcement (PDF)