Reckitt Benckiser has named company insider Kris Licht as CEO designate to succeed Nicandro Durante, taking the helm by the end of the year after a transition period.
Licht, who has served as president of Reckitt's health business and as chief customer officer since July 2020, will be appointed to the board as an executive director from June 1.
Durante, a former BAT chief executive, will stay with Reckitt until December "to ensure a smooth transition".
"Having played a pivotal role in both the transformation strategy and the significant turnaround of our Health GBU over the last three years, Kris is the right leader to take Reckitt on the next stage of its exciting journey," Durante said.
The company, which makes Durex condoms and Lysol cleaning products, also reported like-for-like net revenue up 7.9% in the first quarter, beating analyst expectations of a 3.6% rise in consensus forecast provided by the company.
Reckitt, which also makes Nurofen tablets, cold remedy Lemsip and Dettol hygiene products, now expects like-for-like net revenue growth of 3-5% for the year after beating sales expectations for several quarters in a row, helped by price increases.
Indian IT industry to hire 200,000 people in near term: Kris Gopalakrishnan
Ahead of crucial talks, IMF spots Rs 2 trn breach in Pak's budget estimates
Statsguru: Six charts show average variation in the Budget estimates
American media giants NBC News, MSNBC lay off employees in 'double digits'
Auto sales up 48% in Oct; all vehicle segments gain in festive season: FADA
Regional airline Fly91 receives govt approval, targets Oct launch
Chivas-maker Pernod challenges New Delhi licence rejection in court
S&P upgrades Tata Motors' long-term issuer, issue credit ratings to 'BB'
ONGC planning to invest Rs 1 trillion to expand production capacity: Report
Google's persisting ad slump weighs on Alphabet's first quarter results
The consumer goods industry has increased prices to make up for about two years of rising raw materials prices and supply chain and energy costs, which began with the pandemic and was exacerbated by Russia's invasion of Ukraine.
In some cases, manufacturers' price increases have prompted shoppers to shift away from big brands towards retailers' cheaper own-label products and investors have voiced concerns about the impact on sales volumes and margins if prices continue to rise.
(Reporting by Richa Naidu Editing by David Goodman)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)