Reckitt Benckiser, the Anglo-Dutch household products and drugs group, today chose senior employee and Indian national Rakesh Kapoor to replace chief executive Bart Becht, who surprisingly retired.
Reckitt's share price slumped around in London on the unexpected announcements by the company whose major brands include household cleaner Cillit Bang and Nureflex/Nurofen pain relief tablets.
Kapoor will take over on September 1, while Becht is to remain as part time adviser to his successor and the board until September 2012 'to ensure a smooth transition', Reckitt said in a statement.
'After 16 years in the role, I believe now is the right time to retire,' said Dutch national Becht, who at 54 is two years older than Kapoor.
Becht has led the group since its formation from the 1999 merger of Britain's Reckitt & Colman and Dutch group Benckiser, which he previously headed.
Under Becht, Reckitt's shares have soared more than fivefold from 600 pence in 1999. The group's annual profits leapt 11% in 2010, aided by key brands Lysol disinfectant and Finish dishwasher cleaning products. Earnings after tax increased to £1.57 billion last year as revenues soared 9% to £8.45 billion.
The group bought Durex condom maker SSL last year for £2.54 billion, as it sought to expand its health and personal care business. Also in 2010, it acquired Indian company Paras Pharmaceuticals for £460m. Its products include D'Cold flu remedy, prickly heat treatment Dermicool and anti-fungal cream Itch Guard.
