Reckitt Benckiser’s global CEO Laxman Narasimhan steps down

Laxman Narasimhan, global CEO, Reckitt Benckiser Group, has decided to step down from his position on September 30, in what analysts called a surprise move, abruptly ending his three-year stint.

He was the second Indian-origin CEO to helm the Anglo-Dutch consumer products major, succeeding Rakesh Kapoor in 2019.

Known for health and hygiene brands such as Dettol, Harpic, Lysol and Veet, India is among the top three markets for Reckitt.

In an official statement, Reckitt Benckiser Group said that Narasimhan will relocate back to the United States due to family and personal reasons. “ Laxman will be replaced by Nicandro Durante, current Senior Independent Director, who will step into the role of CEO, as the Board evaluates and selects the future leadership,” the consumer products major stated.

“ I have been offered an opportunity to return to the US and although it is difficult to leave, it is the right decision for me and my family,” said Narasimhan.

Credited with turning around the company, under Narasimhan’s leadership, Reckitt sharply focused on business transformation, cost savings and restructuring. This included strategic sale of infant nutrition business in China besides Scholl and E45 & related sub-brands. It also acquired analgesic brand Biofreeze in the US.

“Since his appointment in September 2019, Laxman has led a successful rejuvenation of the company’s strategy, execution and foundational capabilities,” the company stated.

In India too, the company decided to sell its prickly heat powder and cool talc brand Dermicool to FMCG major Emami in March for ₹432 crore excluding taxes and duties. During the pandemic years, the health and hygiene company scaled up household penetration of its key brands such as Dettol and Harpic despite supply chain disruptions in the country.

In July 2020, Narasimhan in an earnings call had announced that Dettol achieved market share leadership in soaps in India in terms of value for the first time. More recently in August in a statement, he said, “We’re extremely proud of our strong roots in India and the world-leading R&D and IT facilities we’ve established here. India is a great source of talent for our business and the local supply chain is key to our success. In line with the Government’s ‘Make in India’ campaign, 95 per cent of Reckitt’s local procurement is with Indian suppliers.”

Prior to joining Reckitt, from 2012-2019, he served in various senior leadership positions at PepsiCo. Between 1993 and 2012, Narasimhan held various roles including Director at Mckinsey & Company across markets including India. An alumni of College of Engineering, University of Pune, he has an MBA in Finance from the Wharton School besides an MA in German and International Studies from The Lauder Institute (University of Pennsylvania).