June 19, 2019
Latest News

Pepsi executive picked to lead UK's Reckitt

 A view of the artwork 'Man Installing Pepsi-Sign' by US sculptor George Segal during the exhibition 'Local Histories' at the Hamburger Bahnhof Museum in Berlin, Germany, Dec. 14, 2018. EPA-EFE/FILE/HAYOUNG JEON

A view of the artwork 'Man Installing Pepsi-Sign' by US sculptor George Segal during the exhibition 'Local Histories' at the Hamburger Bahnhof Museum in Berlin, Germany, Dec. 14, 2018. EPA-EFE/FILE/HAYOUNG JEON

By Saabira Chaudhuri

London, Jun 13 (efe-epa).- Reckitt Benckiser Group has tapped one of PepsiCo's most senior people to be its new chief executive, as the supplier of Durex condoms and Dettol cleaning products looks to revive growth after a challenging few years, according to a Dow Jones Newswires report made available to EFE on Thursday.

The United Kingdom-based company said that Laxman Narasimhan from India, currently Pepsi's global chief commercial officer, would join Reckitt in July before taking the reins from CEO Rakesh Kapoor in Sept.

At Pepsi, Narasimhan had been tipped as a potential successor to CEO Indra Nooyi before the role went last year to Ramon Laguarta.

His exit is the latest senior departure from the beverage-and-snacks company following that of its chief scientific officer in March.

Just three months ago Narasimhan was appointed Pepsi's commercial head, a new position focused on creating a long-term strategy for the soda giant.

He previously led the company's operations in Latin America, Europe and sub-Saharan Africa.

Reckitt began its search for a new CEO earlier this year after announcing that Kapoor would step down at the Slough, England-based company by year-end.

Kapoor, who has run Reckitt since 2011, is credited with pushing it deeper into higher-margin consumer-health products and away from slower-growing packaged food.

He split the company into two divisions, running the consumer-health business himself and putting the home-and-hygiene division in the hands of a deputy.

For years, Reckitt was seen as an example of how a consumer-goods company should operate.

It consistently delivered strong sales and ample profit margins, reflecting a laser focus on costs and products like fast-acting painkillers and dishwasher tablets that it convinced consumers to pay more for.

However, the company also attracted criticism from investors during Kapoor's tenure for its high pay. And more recently the low-cost model's performance has been questioned amid high turnover among senior executives, volatile sales growth and narrowing margins - all challenges awaiting Reckitt's new CEO.

After a period of strong growth, Reckitt has run into trouble, including a cyberattack, failed innovations and manufacturing disruption.

Also, confronted by protests in South Korea, management had to apologize for a humidifier disinfectant that killed more than 100 people.

More recently, Reckitt reported weak first-quarter sales in its consumer-health arm, once a huge growth driver.

Narasimhan said in a statement Wednesday it was "an exciting time for the business" and that he would "continue to transform" Reckitt.

Analysts said his appointment reduces the likelihood that Reckitt would spin off its home-and-hygiene unit - a move that has been widely speculated about - because it is doubtful Narasimhan would have signed on at a company bound to shrink significantly.

Like Kapoor, the new CEO will run Reckitt's consumer-health business.

Although Narasimhan's seven-year stint at Pepsi has focused on food and drink, he previously co-led McKinsey & Co.'s consumer and shopper insights business as well as the consulting company's research on emerging-market consumers.

While at Pepsi the 52-year-old India native is credited with having bolstered sales and profit in part by focusing more on technology and strengthening leadership.

He managed GBP14.5 billion ($18.4 billion) in revenue across 100 countries and 125,000 employees, said Reckitt.

dj/hh

News history
Fed keeps US interest rates unchanged

Washington, Jun 19 (efe-epa).- The United States Federal Reserve on Wednesday left its benchmark interest rate unchanged despite President Donald Trump's...

What to know about Libra cryptocurrency

New York (USA), Jun 19 (efe-epa).-Facebook just disclosed the first details of its long-anticipated cryptocurrency, called Libra, according to a Dow Jones...

Xi, Trump hold telephone conversation ahead of G20 Summit

Beijing, Jun 19 (efe-epa).- The presidents of China and the United States held a telephone conversation about the ongoing tariff dispute between the two...

Japan's exports fall for sixth straight month in May

By Mayumi Negishi

Bolivia inaugurates its 1st capsule hotel

La Paz, Jun 18 (efe-epa).- Comfort and a futuristic style come together in Bolivia's first capsule hotel, which starting this Tuesday will offer lodging to...

Trump's trade rep sees progress on quick USMCA pact approval

Washington, Jun 18 (efe-epa).- US Trade Representative Robert Lighthizer on Tuesday emphasized his office's "constructive" talks with Democratic lawmakers...

Trump says he'll meet with Xi at G20

Washington, Jun 18 (efe-epa).- President Donald Trump said Tuesday that he would have "an extended meeting" with his Chinese counterpart, Xi Jinping, at the...

Facebook reveals Libra, ambitious foray into world of digital currency

San Francisco (USA), Jun 18 (efe-epa).- Facebook on Tuesday unveiled plans to launch a digital currency called Libra which will allow people to send money...

Bitcoin tops $9,000 as crypto rally trounces stocks

Hong Kong, China, Jun 18 (efe-epa).- The price of bitcoin has risen above $9,000, extending a rebound that has made cryptocurrencies far outperform...

Paris air show opens with Airbus advantage over Boeing

By Angel Calvo

Indian doctors stage strike demanding security at hospitals

New Delhi, Jun 17 (efe-epa).- Doctors across India on Monday went on strike to protest against the lack of security after a mob attacked healthcare...

London-Shanghai stock link opens, uniting British and Chinese exchanges

London, Jun 17 (efe-epa).- The London-Shanghai Stock Connect began operating on Monday, joining the British and Chinese stock exchanges for the first time...

Iran to exceed enriched uranium stockpile limits in 10 days

By Marina Villén

Southeast Asia side-steps US-China war over 5G technology

By Gaspar Ruiz-Canela.

Huawei revenue $30 billion less than forecast, founder says

Beijing, Jun 17 (efe-epa).- Huawei’s founder and CEO on Monday said the Chinese telecom giant’s revenues will be $30 billion less than expected over the...

Electricity restored in Argentina after historic blackout

Buenos Aires, Jun 16 (efe-epa).- A massive failure in the electrical grid caused Argentina to wake up Sunday on Father's Day and with elections in four...

Colombian agency makes investment pitch in New Zealand and Australia

Bogota, Jun 16 (efe-epa).- A delegation from Invest in Bogota, which promotes investment in Colombia's capital, is meeting with investors in New Zealand and...

Argentina recovers electricity after massive Father's Day blackout

Buenos Aires, Jun 16 (efe-epa).- Argentines woke to a massive blackout on Sunday - when the country was both celebrating Father's Day and four provinces...

Village in Lebanon marks Cherry Day with abundant harvest

The village of Hammana, southeast of Beirut, Lebanon is known for its cherries blooming and has celebrated Cherry Day for fifty years.

Citroën marks 100 years of innovation with public display in Paris

By Marta Garde

1 Miner rescued in northern Chile, another found dead, a third missing

Santiago, Jun 15 (efe-epa).- Of a group of three Bolivians trapped inside a mine in northern Chile, one has been rescued alive, a second was found dead and...

Brazilian general strike presents mixed picture

Rio de Janeiro, Jun 14 (efe-epa).- Events took place in each of Brazil's 27 states on Friday as a part of a general strike called by unions against...

Cuban entrepreneurs feel the pain from drop in US tourists

Lorena Canto

Lavender plantation in bloom in Hungary

A lavender plantation blooms near the village of Tihany in Hungary on the opening day of the annual Lavender Weeks fair on June 14.

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.