Consumer goods company Reckitt Benckiser Group Plc (RB.L) Thursday announced the retirement of its chief executive officer Bart Becht and named Rakesh Kapoor as the successor effective September 1, consistent with its succession plan. The company's shares are currently trading down over 7 percent on the London Stock Exchange.
Kapoor is currently the company's executive vice president of global category development and an executive committee member. Becht will remain as part time adviser to Kapoor and the board until September 2012, to ensure a smooth transition.
Rakesh Kapoor has served Reckitt Benckiser for about 25 years. He joined the company in India in 1987 and was appointed to the executive committee in 2006. He has also occupied various positions including leading the UK and Northern Europe business of the company and has extensive experience of household, health and personal care categories.
Commenting on Kapoor's appointment, Adrian Bellamy, chairman of the company said, "The Board is delighted that someone of Rakesh Kapoor's calibre is able to step into the role of CEO. His close involvement in the drivers of success at RB and significant achievements to date are reassurance that the excellent performance for which RB has become renowned is set to continue."
Bart Becht has been in the CEO role for 16 years and he believes that 'now is the right time to retire'.
RB.L is currently trading at 3,114.6 pence, down 251.4 pence or 7.47 percent, on a volume of 5.5 million shares on the LSE.
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