Home Business NewsBusiness Reckitt CEO departure makes it 17 FTSE 100 bosses in 2022 that have announced plans to leave

Reckitt CEO departure makes it 17 FTSE 100 bosses in 2022 that have announced plans to leave

by LLB Reporter
1st Sep 22 11:23 am

Total of 17 changes announced in the top job for FTSE 100 firms in 2022 have been announced so far.

Reckitt share price dropped followed the departure of Laxman Narasimhan.

Despite slew of announcements, actual changes to have taken place in 2022 below average seen between 2000-2021

AJ Bell investment director Russ Mould comments: “Investors in Reckitt Benckiser are clearly disappointed by the unexpected – and very rapid – departure of chief executive officer Laxman Narasimhan, judging by the share price slide in early trading. Mr Narasimhan cites the opportunity to take up a post in the USA after just three years in the role and the news means that FTSE 100 firms have announced 17 changes at the very top so far in 2022. Seven have already become effective, two more are due before the year end and seven more will take place in 2023, meanwhile there is no timeline available yet for the appointment of someone to take over from the retiring John Foley at M&G.

Announced and already effective in 2022
  Company In Out  
1 Johnson Matthey* Liam Condon Robert MacLeod 01-Mar-22
2 Prudential Mark FitzPatrick (interim) Mike Wells 31-Mar-22
3 Burberry Jonathan Akeroyd Marco Gobbetti 01-Apr-22
4 Smith & Nephew Deepak Nath Roland Diggelmann 01-Apr-22
5 Anglo American Duncan Wanblad Mark Cutifani 19-Apr-22
6 Taylor Wimpey Jennie Daly Pete Redfern 26-Apr-22
7 JD Sports Fashion Kath Smith (interim) Peter Cowgill 26-May-22
Announced and due to come into effect in 2022
8 Reckitt Benckiser Nicandro Durante (interim) Laxman Narasimhan 30-Sep-22
9 JD Sports Fashion Regis Schultz Kath Smith (interim) Q4 2022
Announced but only effective in 2023
11 Rolls-Royce Tufan Erginbilgic Warren East 01-Jan-23
12 Prudential Anil Wadhwani Mark FitzPatrick (interim) Feb-23
13 Rightmove TBC Peter Brooks-Johnson Feb-23
14 Whitbread Dominic Paul Alison Brittain Mar-23
15 B&M European Value Retail Alex Russo Simon Arora Apr-23
16 United Utilities Louise Beardmore Steve Mogford End-2023
17 Halma Marc Ronchetti Andrew Williams 01-Apr-23
Announced but no firm timeline
10 M&G TBC John Foley TBC

Source: Company accounts, Regulatory News Service (RNS). *Announced before Johnson Matthey fell out of the FTSE 100.

“Reckitt’s shares have not done that much during Mr. Narasimhan’s brief tenure – before today they were up 4% against a 1% gain in the FTSE 100 since 1 September 2019. However, investors had warmed to his efforts to re-establish positive momentum at the company after the ultimately failed $18 billion acquisition of Mead Johnson, legal and reputational fall-out over a humidifier disinfectant sold in South Korea and a high-profile cyber-attack, all of which bedevilled the firm during the latter stages of Rakesh Kapoor’s eight-year stint as CEO.

“Mr. Narasimhan’s motive for his departure – the prospect of a US-based post – is the same as that cited by Smith & Nephew’s Namal Nawana when he jumped ship after barely a year and a half in 2019.

“By the time of his departure at the end of month, Mr. Narasimhan will have completed just over three years in office, well below the 5.8-year average across the FTSE 100, and he is currently the sixty-seventh longest serving boss in the index.

Longest-serving FTSE 100 CEOs
  Company CEO Started Years
1 Next Simon Wolfson May-2001 21.4
2 Dechra Pharmaceuticals Ian Page Nov-2001 20.9
3 Ocado Tim Steiner Jan-2002 20.7
4 B & M European Value Retail Simon Arora Jan-2005 17.7
5 Halma Andrew Williams Feb-2005 17.5
6 Associated British Foods George Weston Apr-2005 17.4
7 Berkeley Rob Perrins Sep-2009 13.0
8 RELX Erik Engstrom Nov-2009 12.8
9 DS Smith Miles Roberts May-2010 12.3
10 United Utilities Steve Mogford Mar-2011 11.5

Source: Company accounts, Regulatory News Service (RNS)

“Three of the ten-longest serving CEOs are due to step down in 2023 – B&M European Value Retail’s Simon Arora, United Utilities’ Steve Mogford and Halma’s Andrew Williams – but overall, the number of changes that have happened in 2022 or been announced for 2023 are below the long run average of 12 to 13 changes a year.

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